Financial Market Overview
18th May, 2018
MARKETS AT OPEN:-
- Indian rupee is trading lower against the U.S. currency in early trades, as rising Treasury yields lifted the dollar index to four-month highs. Pair USDINR now at 67.88 against 67.78 previous close.
- Pair to tip in range between 67.58-67.94.
- Benchmark indices started off Friday’s trade mildly lower despite most Asian stocks traded in the green.
- The 30-share BSE Sensex was down 59.51 points at 35,089.61 and the 50-share NSE Nifty fell 17.90 points to 10,664.80.
- Asian markets are mixed today. The Shanghai Composite gains 0.24% , the Honk Kong’s Hang Seng is up 0.11% while the Australain ASX is trading lower by 0.21%.
- European markets finished higher yesterday with shares in France leading the region. The CAC 40 is up 0.98% while Germany’s DAX is up 0.91% and London’s FTSE 100 is up 0.70%.
- Wall Street ended lower after a choppy trading session on Thursday, as investors grappled with escalating trade tensions and rising oil prices. The Dow Jones Industrial Average fell 54.95 points, or 0.22 percent, to 24,713.98, the S&P 500 lost 2.34 points, or 0.09 percent, to 2,720.12 and the Nasdaq Composite dropped 15.82 points, or 0.21 percent, to 7,382.47.
- The U.S. 10-year yield was last at 3.12% in early Asia trading, its highest since July 2011, and poised to rise for the fifth straight session. The 10-year borrowing cost has climbed more than 14 basis points this week as jump in oil prices prompt participants to revise their inflation and interest-rate expectations.
- The Philadelphia Fed’s manufacturing index rose higher than expected in May, to a reading of 34.4 from 23.2 in April, the Philly Fed reported on Thursday. The consensus forecast had been for a reading of 21.0.
- The U.S.-China trade matters continued to be in focus, citing U.S. officials that it did not identify, that China had offered President Donald Trump a package of proposed purchases of U.S. goods and other measures aimed at reducing the U.S. trade deficit with China by around $200 billion a year. The offer was made during trade talks in Washington aimed at resolving tariff threats.