Financial Market Overview
16th July, 2018
MARKETS AT OPEN:-
- Indian rupee edge lower against the dollar after the country’s trade deficit widened to its highest in more than five years. Pair USDINR now at 68.56 against 68.52 previous close.
- Data released late Friday showed that India’s trade deficit widened last month to $16.6 billion, the highest since May 2013, prompted by a near 57% jump in the oil import bill. Crude oil import jumped by 56.6% in June to $12.7 billion as global Brent prices increased by 60.47% in the month from a year-earlier, the data showed.
- We expect the pair to tip in range between 68.40-68.66 today.
- Equity benchmarks has started the week on a flat note, with the Nifty maintaing 11,000 in the opening quotes.
- The Sensex fell 27.62 points or 0.08% at 36514.01, while the Nifty is down 17.20 points or 0.16% at 11001.70. The market breadth is narrow as 268 shares advanced, against a decline of 170 shares, while 62 shares were unchanged.
- Asian markets are lower today. The Shanghai Composite is off 0.46%, the Australian’ ASX200 is down 0.32% and the Hong Kong’s Hang Seng is trading lower by 0.15%.
- European markets finished higher on Friday with shares in France leading the region. The CAC 40 closed up 0.43% while Germany’s DAX gained 0.38% and London’s FTSE 100 ended up by 0.14%.
- US. stocks edged higher on Friday, with the S&P 500 hitting a more than five-month high, as gains in industrials and other areas offset a drop in financials after results from three big Wall Street banks mostly disappointed investors. The Dow Jones Industrial Average rose 94.52 points, or 0.38 percent, to 25,019.41, the S&P 500 gained 3.02 points, or 0.11 percent, to 2,801.31 and the Nasdaq Composite added 2.06 points, or 0.03 percent, to 7,825.98.
- The yuan had a choppy beginning to the week amid a slew of economic data, released earlier today. China’s economy expanded 6.7% in the June quarter, slowing from 6.8% in the previous quarter and in-line with forecasts of economists poll. Industrial output increased by 6% last month, slower than the 6.5% pace expected by economists, while retail sales and fixed-asset investments grew by 9% and 6%, respectively, in-line with expectations.