Mar 09 2018

Rupee higher as stocks rise after Trump imposes tarrifs

Financial Market Overview

09th March, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Rupee higher as equities extend advance, offsetting dollar strength, after Trump imposes tariffs on metal imports, but exempts Mexico and Canada and leaves open possibility for exemptions to other countries. Pair USDINR now at 65.06 against 65.14 previous close.
  • Pair to tip in range between 65.00-65.20.

Indian Equities:-

  • Benchmark indices opened mildly higher on last day of the week, following positive lead from global peers. The 30-share BSE Sensex was up 43.17 points at 33,394.74 and the 50-share NSE Nifty gained 13.10 points at 10,255.80.
  • Vedanta, Bharti Airtel, Dr Reddy’s Labs, Tata Steel, Aurobindo Pharma and UPL were early gainers while SBI, Coal India, NTPC, BPCL, Kotak Mahindra Bank, UltraTech Cement and Indiabulls Housing were losers.

Global Markets:-

  • Asian markets are higher today. The Honk Kong Hang Seng is up 0.88% Australian ASX200 is up 0.33% and the Shanghai Composite is higher by 0.10%..
  • European markets finished higher today with shares in Germany leading the region. The DAX is up 0.90% while London’s FTSE 100 is up 0.63% and France’s CAC 40 is up 0.34%.
  • The three major U.S. stock indexes closed higher on Thursday after President Donald Trump appeared to soften his stance on trade tariffs, easing trade war fears that had the market on edge for a week. The Dow Jones Industrial Average rose 93.85 points, or 0.38 percent, to 24,895.21, the S&P 500 gained 12.17 points, or 0.45 percent, to 2,738.97 and the Nasdaq Composite added 31.30 points, or 0.42 percent, to 7,427.95.
  • BOJ earlier today keeps rates unchanged and 10-year yields target at 0%.
  • Focus today on U.S Nonfarm Payroll, data may show that the U.S. economy added 200,000 jobs in February, according to economists poll. In addition to the headline number, focus will be on the wage growth print, considering that January’s biggest jump in wage growth in eight years had led to expectations of quicker rate increases by the Federal Reserve.
  • The dollar index’s advance yesterday was helped by weakness in the euro after the European Central Bank President Mario Draghi said regional inflation remained subdued. The euro was little changed at 1.2304 in early Asia, after falling by the most in month yesterday.