The market is expected to open on a flattish note and likely to witness range bound move during the day - Nirmal Bang Ltd
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Market Review
US:
US stocks closed out the trading week with slight gains on Friday as the latest flurry of economic data kept elevated expectations for a Federal Reserve interest rate cut next week intact.
Asia:
Asian shares dithered on Monday as investors bet the farm on a rate cut from the Federal Reserve this week, yet the meeting could be one of the most fractious in recent memory with some policy makers openly arguing against an easing.
India:
India's stock benchmarks inched 0.6 percent higher on Friday, led by domestic rate-sensitive financials, after the Reserve Bank of India lowered the key interest rate by 25 bps. The market is expected to open on a flattish note and likely to witness range bound move during the day.
Global economy:
Japan’s economy contracted faster than initially estimated in the three months through September, primarily due to new data dragging down capital spending figures, though economists said the blip is not enough to sway the central bank. GDP shrank an annualised 2.3% rather than 1.8%, the Cabinet Office said on Monday, the quickest rate since the Q3FY23.
Japan’s real wages shrank for the 10th consecutive month in October, with an uptick in nominal pay falling short of taming relentless consumer inflation. Inflation-adjusted real wages, a key barometer of consumer purchasing power, fell 0.7% in October from a year earlier.
The latest data on U.S. Consumer Credit has taken an unexpected dip. The actual figure stands at $9.18 Bn, falling noticeably short of the forecasted $11.80 Bn. The Consumer Credit measure reflects the change in the total value of outstanding consumer credit that necessitates installment payments. A higher than expected reading typically signals a positive or bullish outlook for the U.S. dollar, while a lower than expected reading can be interpreted as negative or bearish for the USD.
Commodities:
Oil prices hovered at two-week highs as investors expect a Federal Reserve interest rate cut this week that will lift economic growth and energy demand while eyeing geopolitical risks that threaten oil supplies from Russia and Venezuela.
Gold prices edged higher, as rising expectations of a U.S. Federal Reserve interest rate cut this week pressured the dollar.
Currency:
The U.S. dollar steadied after two weeks of selling, ahead of a week crammed with central bank meetings and headlined by the U.S. Federal Reserve, where an interest rate cut is all but priced in but a divided committee makes for a wild card.
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