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Feb 09 2018

Rupee at 8-week low as equities tumbles

Financial Market Overview

09th February, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Rupee opens lower after US markets plunge for second time this week amid ongoing concerns for higher bond yields. Pair USDINR now at 64.36, against early peak of 64.42, which is highest since Dec. 18, and 64.26 previous close.
  • Pair to tip in range between 64.25-64.55 today.

Indian Equities:-

  • Benchmark indices opened lower, tracking weakness in global peers.
  • The 30-share BSE Sensex was down 526.26 points or 1.53 percent at 33,886.90, and the 50-share NSE Nifty fell 177.50 points or 1.68 percent to 10,399.40.

Global Markets:-

  • Asian markets are sharply lower today ,the Shanghai Composite is down 4.11%, the Hong Kong Heng Seng fell 3.08% and the Australian ASX200 is trading lower by 0.89%.
  • European markets finished sharply lower yesterday with shares in Germany leading the region. The DAX is down 2.62% while France’s CAC 40 is off 1.98% and London’s FTSE 100 is lower by 1.49%.
  • S. stocks plunged around 4 percent on Thursday in another dramatic session, confirming a correction that has thrown the market’s nearly nine-year bull run off course. The Dow Jones Industrial Average fell 1,032.89 points, or 4.15 percent, to 23,860.46, the S&P 500 lost 100.66 points, or 3.75 percent, to 2,581 and the Nasdaq Composite dropped 274.83 points, or 3.9 percent, to 6,777.16.
  • China’s producer and consumer inflation eased as expected in January. The producer price index (PPI) rose 4.3 percent in January from a year earlier, the smallest rise in 14 months and compared with 4.9 percent in December. The consumer price index (CPI) rose 1.5 percent from a year earlier, in line with expectations and slowing from December’s gain of 1.8 percent, the National Bureau of Statistics (NBS) said.
  • The number of Americans filing for unemployment benefits unexpectedly fell last week, dropping to its lowest level in nearly 45 years as the labor market tightened further, bolstering expectations of faster wage growth this year. Initial claims for state unemployment benefits decreased 9,000 to a seasonally adjusted 221,000 for the week ended Feb. 3, the Labor Department said. Claims fell to 216,000 in mid-January, which was the lowest level since January 1973.