Nov 01 2018

Rupee Opened Higher After Crude Slips

Financial Market Overview

01st November, 2018

Morning Coffee:-                                                                        

MARKETS AT OPEN:-

Rupee:-

  • The Indian rupee opened higher against the dollar in the wake of a further decline in crude oil prices and positive regional cues.
    The rupee opened at 73.87 versus its previous close of 73.95, the second day of advance in regional equities on the back of encouraging Wall Street cues will likely help the rupee claw back to the middle of its recent trading range of 73.20-74. However, with U.S. long-term yields back on the way up before next week’s Federal Reserve meeting, the rupee and other Asian currencies were unlikely to make any major inroads against the dollar.
  • The Thai baht, the Taiwanese dollar, and the Singapore dollar paced advance among Asian currencies, rising by 0.2% each. The Chinese yuan edged higher by 0.1% after the Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) for October edged up to 50.1 from 50.0 in the prior month. The print was better than the 49.9 reading expected by economists.
  • We Expect Pair to trade in the range between 73.65 to 74.05

Indian Equities:-

  • Equity benchmarks opened higher Today morning the Nifty holding 10,000 levels it opened at 10418. 32 points up.
  • The Sensex is gain by 149 points opened at 34593

Global Markets:-

  • Asian markets are higher today as Japanese, Chinese and Hong Kong shares show gains. The Nikkei 225 is up 0.78% while the Hang Seng is up 1.60%. . The Shanghai Composite is up 1.17% while the australian ASX200 is up by 12 points and 0.22%
  • European markets closed sharply higher today with shares in France leading the region. The CAC 40 is up 2.31% while Germany’s DAX is up 1.42% and London’s FTSE 100 is up 1.31%.
  • U.S. stocks rebounded for a second day on Wednesday, as investors snapped up beaten-down technology and internet favorites and strong company results lifted spirits, even as the S&P 500 closed out its worst month in seven years.
  • The Dow Jones Industrial Average rose 241.12 points, or 0.97 percent, to 25,115.76, the S&P 500 gained 29.1 points, or 1.08 percent, to 2,711.73 and the Nasdaq Composite added 144.25 points, or 2.01 percent, to 7,305.90.
  • British Prime Minister Theresa May has struck a deal with the European Union that would give UK financial services companies continued access to European markets after Brexit, the Times reported on Thursday. British and European negotiators have reached tentative agreement on all aspects of a future partnership on services, as well as the exchange of data, the British newspaper reported, citing government sources.
  • The economic impact of the intensifying trade war between Washington and Beijing appeared to deepen last month with factory activity and export orders weakening across Asia and analysts expecting a bigger hit in months to come. In a sign conditions for exporters and factories were deteriorating, manufacturing surveys showed marginal growth in China, a slowdown in South Korea and Indonesia and a contraction in activity in Malaysia and Taiwan.
  • Dollar index 0.2% lower at 96.90, after rising 0.1% in previous session.