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:
U.S. stocks closed modestly lower on Monday, weighed down by a jump in Treasury yields and economic data that showed tariffs remained a drag on the manufacturing sector, as investors looked toward the Federal Reserve's policy announcement next week
Asia:
Asian stocks rose slightly at the open, recovering cautiously after Monday’s selloff when cryptocurrencies led global risk assets lower. Early trading on Tuesday saw gains in Japan, Australia, and South Korea.
India:
India's benchmark equity indices slipped off record highs during the session as profit-booking wiped out early gains. The market is expected to open on a flattish note and likely to witness range bound move during the day.
Global economy:
Australia’s government spending jumped in the third quarter to add to a long-awaited rebound in business investment, setting the stage for a solid economic performance. Australian Bureau of Statistics showed government spending added 0.4 percentage points to gross domestic product (GDP) in the September quarter, after barely contributing in the previous quarter
Britain’s private sector expects output to slide over the next three months in their gloomiest outlook since May, as cautious consumer spending and cost pressures continue to weigh on businesses. Manufacturers and retailers for the three months to February fell to a net balance of -27 in November, down from - 20 in October. Private sector activity fell at the fastest pace since August 2020 in the three months to November to -35, down from -32 a month earlier.
U.S. manufacturing contracted for the ninth straight month in November, with factories facing slumping orders and higher prices for inputs as the drag from import tariffs persisted.
Commodities:
Oil prices climbed in early trade on Tuesday for a second consecutive session as market participants assessed risks stemming from Ukrainian drone strikes on Russian energy sites and mounting U.S.-Venezuela tensions.
Gold edged lower in early Asian trading on Tuesday after it touched a six-week peak in the previous session, as investors booked profits even as they awaited remarks by the Federal Reserve Chair and key economic data for interest rate cut cues.
Currency:
The U.S. dollar remained under pressure on Tuesday as weaker-than-expected manufacturing activity data from the world's biggest economy heaped pressure on the Federal Reserve to cut interest rates at its policy meeting later this month.
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