May 07 2018

Rupee above 67 mark, Crude oil worries overshadows disappointing US. jobs data

Financial Market Overview

07th May, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Rupee turns lower as fresh over three-year highs on crude overshadow disappointing US jobs data. Pair USDINR now at 67.08, highest since February 17, 2017, against 66.78 early low and 66.86 previous close.
  • Pair to tip in range between 66.80-67.10.

Indian Equities:-

  • Shares have begun the week on a good note, with the Sensex gaining over 100 points, while the Nifty is trading around 10,650-mark.
  • The Sensex was up 110.25 points at 35025.63, while the Nifty was up 31.00 points at 10649.30. The market breadth was positive as 368 shares advanced, against a decline of 113 shares, while 48 shares were unchanged.

Global Markets:-

  • Asian markets are higher today. The Shanghai Composite is up 1.21%, the Hong Kong’s Hang Seng gains 0.64% and the Australian’s ASX200 is trading higher by 0.51%.
  • European markets finished broadly higher on Friday with shares in Germany leading the region. The DAX is up 1.02% while London’s FTSE 100 is up 0.86% and France’s CAC 40 is up 0.26%.
  • US. stocks were higher after the close on Friday, as gains in the Technology, Basic Materials and Consumer Goods sectors led shares higher. At the close in NYSE, the Dow Jones Industrial Average added 1.39%, while the S&P 500 index climbed 1.28%, and the NASDAQ Composite index climbed 1.71%.
  • On Friday, data released by the U.S. Labor Department showed that the world’s largest economy added 164,000 jobs last month, less than the 192,000 forecast by economists poll. This was the second consecutive month where headline job numbers missed estimates. More importantly, average hourly earnings, a closely watched measure for gauging inflation pressures and direction of U.S. short-term interest rates, rose by less than 0.1% month-on-month, falling short of the 0.2% pace predicted by economists. Meanwhile, the unemployment rate dropped to a multiyear low of 3.9%, but that was partly on account of people leaving the labor force.
  • Brent crude adds to Friday 1.7% rally, climbing 1.1% to $75.70, highest since December 2014.