IGI Logo

Market Review

US:

US stocks rose for the eighth consecutive session, marking the longest winning streak of 2024, as investors anticipate that the Federal Reserve may soon signal a shift towards reducing interest rates.

Asia:

Share indices in Asia-Pacific region were trading higher in early trade on Tuesday as market participants await China's loan prime rate, and the Reserve Bank of Australia's August policy minutes.

India:

The Indian benchmark indices ended mixed on Monday as the NSE Nifty 50 closed 31.50 points or 0.13%, higher at 24,572.65, and the S&P BSE Sensex settled 12.16 points or 0.02%, lower at 80,424.68. Market is expected to open on a positive note and likely to witness range bound move during the day.

Global economy:

The Reserve Bank of Australia had considered raising interest rates earlier in August, the minutes of its recent meeting showed, amid persistent concerns that inflation will remain sticky for longer. But the central bank settled on a hold, keeping its cash target rate unchanged at 4.35%. Members of the central bank’s rate-setting committee noted that the risk of inflation not reaching the RBA’s 2% to 3% annual target by late2025 had risen materially, the minutes showed. There were also growing doubts over whether current monetary conditions were restrictive enough to bring inflation back within the RBA’s target. These concerns saw policymakers consider a potential hike. The People’s Bank of China kept its benchmark loan prime rate unchanged on Tuesday after a surprise cut in July, with Beijijng maintaining ultra-loose monetary policies to help support economic growth. The PBOC kept its one-year loan prime rate at 3.35%, as expected, while the five-year LPR, which is used to determine mortgage prices, was maintained at 3.85%. The central bank had unexpectedly trimmed both rates by about 10 basis points in July, with the move coming amid a slew of measures to help shore up local economic growth.

Commodities:

Oil prices edged lower on Tuesday as Israel accepted a proposal to tackle disagreements blocking a ceasefire deal in Gaza, helping ease worries about a supply disruption in the Middle East. Gold prices held above the $2,500 mark on Tuesday, buoyed by a weaker U.S. dollar and Treasury yields, while traders awaited minutes of the Federal Reserve's last policy meeting for further cues on interest rate cuts.

Currency:

The ringgit continued its appreciation against the US dollar today as investors are bullish on the expectations that the US Federal Reserve (US Fed) will cut interest rates

Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
SEBI Registration number is INH000001766