Date:- 11th January 2019
Markets from 07th January 2019 to 11th January 2019:-
On a weekly basis, the Rupee fell 1.1%. The rupee closes on Friday at 70.4850 against the previous weekly close of 69.72 on January 04th, 2019 to a greenback. It trades in a weekly range between 70.6550 to 69.2350 against the US Dollar.
India’s foreign exchange reserves rose to $396.08 billion as of Jan 4, compared with $393.40 billion a week earlier, the Reserve Bank of India said on Friday. Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in its reserves.
India’s industrial output in November grew 0.5 percent from a year earlier, the slowest since June 2017, government data showed on Friday. A poll of economists had forecast a growth of 4.1 percent for November.
The Indian government said on Monday it expects the economy to grow at 7.2 percent in the fiscal year ending in March, up from 6.7 percent a year earlier. Most private economists have already lowered India’s growth forecast to around 7 percent for the 2018/19 fiscal year, compared with the central bank’s earlier estimate of 7.4 percent, citing weakening consumption and slowdown in credit offtake.
The U.S. dollar was pushed lower on Thursday after Fed Chairman Jerome Powell restated that the central bank will evaluate the economy before making any decisions on monetary policy. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was last seen at 95.24 down 0.21% for the day.
The pound rallied to the highest since November on a report that Brexit could be delayed beyond the March deadline, before paring gains as the government ruled out an extension. The currency climbed as much as 0.8 percent after the Evening Standard newspaper cited unidentified cabinet ministers as saying a delay to the March 29 Brexit deadline was looking increasingly likely. Sterling then slipped back as a spokeswoman for Prime Minister Theresa May said it wasn’t government policy to extend Article 50.
The rate of economic growth in the UK slowed over the last three months, according to figures released by the Office for National Statistics on Friday. Gross domestic product grew 0.3% in the three months to November the ONS reported, slowing from the 0.4% expansion seen in the three months to October and in line with forecasts.
Output in the UK manufacturing sector fell 0.3% in November, according to figures published on Friday by the Office for National Statistics. The consensus expectation had been for growth of 0.4%. Industrial production fell 0.4% in November, compared with the previous month, below the consensus forecast of 0.3%.
The number of people who filed for unemployment assistance in the U.S. last week fell more than expected, according to official data released on Thursday. The number of individuals filing for initial jobless benefits in the week ended Jan. 5 decreased by 17,000 to 216,000, the U.S. Department of Labor said.
Federal Reserve policymakers expressed more willingness to adopt a slower pace of rate hikes at their December meeting, as concerns about global growth and subdued inflation made the timing of future rate hikes less certain, minutes published Wednesday showed. The Fed raised its benchmark rate to a range of 2.25% to 2.5% at the conclusion of its two-day policy meeting on Dec. 19 and signalled two rate hikes were on the table for 2019.
Unemployment in the euro zone unexpectedly fell in November to its lowest rate in more than ten years, official estimates released on Wednesday showed. The EU statistics office Eurostat said unemployment in the 19-country currency bloc dropped to 7.9 percent in November, the lowest level since October 2008, and below economists’ forecasts of an 8.1 percent rate.
The monthly Job Openings and Labor Turnover Survey, or JOLTS, showed that job openings decreased in November. Job openings, a measure of labor demand, fell by 243,000 to 6.888 million in November, the Labor Department said. Economists had forecast job openings of 7.063 million.
U.S. services sector activity slowed to a five-month low in December, but remained above a level consistent with solid economic growth in the fourth quarter. The Institute for Supply Management said on Monday its non-manufacturing activity index fell to 57.6 last month, the lowest reading since July, from 60.7 in November.
The rate of growth in the economy’s service sector slowed at a sharper rate than expected in December, according to a report released on Monday. The Institute of Supply Management said its non-manufacturing purchasing managers’ index fell to 57.6 from November’s 60.7, compared to forecast for a more modest decline to 59.6. It was the lowest reading since July 2017.
Euro zone sales rose more than expected in November for a second consecutive month. The European Union’s statistics office, Eurostat, estimated retail sales in the 19 countries sharing the euro were up 0.6 percent month-on-month, much more than the 0.1 percent rise forecast by economists poll. On the year, retail trade was up by 1.1 percent.
Oil prices rose 1 percent on Friday, on track for solid weekly gains after financial markets strengthened due to hopes the United States and China may soon resolve their trade dispute.
International Brent crude futures were at $62.30 per barrel, up 62 cents, or 1 percent. U.S. West Texas Intermediate (WTI) crude futures gained 59 cents or 1.1 percent at $53.18 per barrel. WTI and Brent are set for their second week of gains, rising nearly 11 percent and 9 percent respectively.
Indian shares settled lower on Friday as disappointment over technology giant Tata Consultancy Services missing quarterly margin estimates weighed on the trading sentiment, while investors looked out for results from its rival Infosys Ltd for clarity.
The benchmark BSE index closed the session 0.27 percent lower at 36,009.84, while the broader NSE index ended down 0.25 percent at 10,794.95. For the week, however, the Sensex rose 0.9 percent, while the Nifty gained 0.6 percent.