Market Macros by Shrikant Chouhan, Head Equity Research, Kotak Securities
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Below the Quote On Market Macros by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
Oil prices edged up in early Monday trading, bolstered by forecasts of a supply deficit due to peak summer fuel consumption and OPEC+ cuts in the third quarter. However, global economic challenges and rising non-OPEC+ output limited the gains.
Last week, the US data showed inflation at its lowest annual rate in over three years, with core PCE rising 0.1% monthly and 2.6% annually. The Chicago PMI surprised markets by rising to 47.4 from 39.7, indicating improving business conditions. Today, India's HSBC Manufacturing PMI came in at 58.3, aligning with the expected 58.5. Later today in the U.S., the Final Manufacturing PMI is expected to remain at 51.7, and the ISM Manufacturing PMI is forecasted to improve to 49.2. Tomorrow, investors will be keenly watching remarks from Fed Chair Powell and the Job Openings data, expected to be around 7.85 million for further insights.
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