Financial Market Overview
03rd September, 2018
MARKETS AT CLOSE:-
- Indian rupee erased all early gains towards session-end to end at a record low against the dollar, as a sharp rebound in global crude oil prices overshadowed strong economic growth at home.
- The rupee ended at a record-low 71.21 to the dollar, against 70.99 at close on Aug. 31. In a sudden move towards the fag end of the session, it fell to a lifetime low of 71.25, after trading higher against the greenback amid lower-than-average volumes through most of the session..
- Indian shares reversed course to end lower in the final hour of trade on Monday, tracking global cues, with the Indian rupee hitting a record low and crude prices on the climb.
- The broader NSE index ended 0.8 percent lower at 11,582.35, while the benchmark BSE index closed down 0.9 percent at 38,312.52.
- European markets are mixed today. The FTSE 100 is up 0.89% while the CAC 40 gains 0.12%. The DAX is off 0.26%.
- The benchmark Brent crude oil price that was trading flat to lower through most of the session rose to as much as $78.22 a barrel, its highest levels in almost eight weeks, despite data indicating increasing supply from major oil producing countries and the U.S. The contract was last trading up 1% at $78.16.
- Activity in the UK manufacturing sector slowed last month, according to a closely watched business survey released on Monday. Research firm IHS Markit said its manufacturing purchasing managers’ index fell to52.8in August, compared to forecasts for a reading of 53.9. That was its lowest reading in the last 25 months.
- Euro zone manufacturing growth slowed to a near two-year low in August. IHS Markit’s August final manufacturing Purchasing Managers’ Index dropped to a 21-month low of 54.6 from July’s 55.1, unchanged from an initial reading, yet still comfortably above the 50 level that separates growth from contraction..
- Among other Asian currencies, the Indonesian rupiah fell to its lowest levels since 1998 before ending at 14,810 against the greenback, as sell-off originally triggered by turmoil in Turkey and Argentina worsened.