Financial Market Overview
14th November, 2018
MARKETS AT OPEN:-
- The Indian rupee opened higher against the dollar after crude oil prices extended losses, improving the outlook for the Asian nation’s current account deficit. The rupee opened at 72.16 versus its previous close of 72.67. The more than $20 per barrel decline in Brent crude in a space of just over a month has “significantly” altered the dynamics for the rupee,
- We expect USD/INR to trade in a range between 71.85 – 72.35 today.
- Benchmark indices are trading higher in the pre-opening session with Nifty trading above 10,600 level.
- The Sensex is up 139 points at 35,284, while Nifty up 39 points at 10626.
- Asian markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.12% while the Hang Seng is down 0.22%. The Shanghai Composite is off 0.17%. The Australian ASX 200 is down by -86 points or -1.48 %.
- European markets finished mixed as of their recent closing prices. The DAX gained 1.30% while the CAC 40 was higher by 0.85%. The FTSE 100 is 0.01% up.
- The Dow and S&P 500 ended slightly lower on Tuesday following losses in energy shares and Boeing, offsetting a small gain in technology shares and renewed hopes for progress in trade talks.
- The Dow Jones Industrial Average fell 100.69 points, or 0.4 percent, to 25,286.49, the S&P 500 lost 4.04 points, or 0.15 percent, to 2,722.18 and the Nasdaq Composite added 0.01 points, or 0 percent, to 7,200.88.
- The dollar index was headed for a second day of decline on Wednesday amid a rebound on the euro and the pound. Dollar index down 0.2% at 97.04, after falling by the same margin yesterday. The Indonesian rupiah paced advance among Asian currencies. The Chinese yuan edged higher to 6.9530 against the dollar. Earlier today, data showed that China’s October industrial output and fixed investment exceeded expectations, while retail sales missed estimates.
- The U.S. oil plunged more than 7% yesterday to just above $55.50 per barrel, marking its biggest single-day decline since September 2015. Brent crude tumbled 6.6% to near $65.50 a barrel to its lowest since mid-March. The U.S. oil’s run of 12 days of losses through Tuesday and Brent crude’s near 24% decline from the highs witnessed in early October have come amid concerns over a slowdown in demand from China, the world’s largest importer, and waivers by U.S. in relation to Iran sanctions.