Financial Market Overview
02nd July, 2018
MARKETS AT OPEN:-
- Indian Rupee gains as oil prices decline after U.S. President Donald Trump says Saudi Arabia had agreed to increase production. Pair now at 68.42 against 68.49 at open and 68.47 previous close.
- Regional currencies mostly lower amid further decline in Chinese yuan. Yuan down 0.2% against dollar. China’s official manufacturing PMI, released over weekend, miss expectations.
- We expect the pair to tip in range between 68.30-68.60 today.
- Benchmark indices started off the first day of second half of CY18 on a flat note, tracking mixed Asian cues amid ongoing trade tensions.
- The 30-share BSE Sensex rose 122 points to 35,545 and the 50-share NSE Nifty gained 17 points at 10,732.
- Shares in China are higher today as the Shanghai Composite gains 0.87%. The stock markets in Tokyo and Hong Kong are closed at this time.
- European markets finished broadly higher on Friday with shares in Germany leading the region. The DAX is up 1.06% while France’s CAC 40 is up 0.91% and London’s FTSE 100 is up 0.28%.
- Oil prices had taken an early spill after Trump tweeted that Saudi Arabia had agreed to lift oil production by maybe up to 2,000,000 barrels.
- Brent crude was down 61 cents at $78.62 a barrel, while U.S. crude fell 62 cents to $73.53. The pullback was modest given U.S. crude rallied more than 8 percent last week, while Brent gained more than 5 percent.
- Mexican Peso cheers Meade’s defeat, rallies 1%.After Friday’s temporary reversal, the USDMXN pair resumed its bearish momentum in Asia this Monday, as the Mexican Peso rallied hard after Mexico’s ruling party Meade conceded defeat in the presidential election.
- The euro slipped back in early Monday trade after German Chancellor Angela Merkel was dealt a fresh blow when her interior minister offered to quit in an escalating row over migration policy.