Financial Market Overview
07th March, 2018
MARKETS AT OPEN:-
- The Indian rupee edges higher against the dollar, as resignation of President Donald Trump’s economic advisor Gary Cohn, a free trade advocate, weighed on the U.S. currency. Pair USDINR now at 64.90 against its previous close of 64.9550.
- Pair to tip in range between 64.85-65.08.
- Benchmark indices opened lower on Wednesday, tracking weakness in Dow Jones futures that fell 2 percent indicating lower opening on Wall Street.
- The 30-share BSE Sensex was down 127.47 points at 33,189.73 and the 50-share NSE Nifty fell 48.30 points to 10,201.
- Asian Shares are mixed today, the Hong Kong’s Hang Seng is down 0.35%, the Australian ASX200 is trading lower by 1.07% while the Shanghai Composite gains 0.14%.
- European markets finished higher yesterday with shares in London leading the region. The FTSE 100 is up 0.43% while Germany’s DAX is up 0.19% and France’s CAC 40 is up 0.06%.
- US. stocks eked out a small gain on Tuesday after a choppy session as investors worried about the prospects of a trade war due to mixed signals from Washington on whether U.S. President Donald Trump would follow through with proposed tariffs. The Dow Jones Industrial Average rose 9.36 points, or 0.04 percent, to 24,884.12, the S&P 500 gained 7.18 points, or 0.26 percent, to 2,728.12 and the Nasdaq Composite added 41.30 points, or 0.56 percent, to 7,372.01.
- The dollar index extended its overnight decline, futures on the Dow Jones Industrial Average tumbled 300 points, and safe-haven demand lifted U.S. Treasuries after White House said Trump’s top economic advisor Cohn will quit. Cohn was opposed to Trump’s plan of imposing tariffs and his resignation rekindled fears of trade wars between the U.S. and other major economies. The resignation comes after Trump yesterday reiterated his position on imposing tariffs despite opposition from several of his own party members, saying that action was needed to address the unfair trade situation.
- US. factory orders fell in January, official data showed on Tuesday. In a report, the U.S. Census Bureau said factory orders declined by a seasonally adjusted 1.4% in January, compared to expectations for a drop of 1.3%.