Financial Market Overview
06th March, 2018
MARKETS AT OPEN:-
- Indian rupee opens at 64.95, higher against the dollar, buoyed by rebound in regional equities from the U.S. tariff-related selloff. Pair USDINR now at 64.95 against its previous close of 65.11.
- Pair to tip in range between 64.85-65.10.
- Benchmark indices opened sharply higher on Tuesday after falling for previous four consecutive sessions, aided by positive global cues and short covering.
- The 30-share BSE Sensex was up 213.48 points or 0.63 percent at 33,960.26 and the 50-share NSE Nifty gained 65.30 points or 0.63 percent at 10,424.20
- Asian Shares are higher today, the Hong Kong’s Hang Seng is up 1.43%, the Shanghai Composite is trading higher by 0.21% while the Australian ASX200 gains 1.20%.
- European markets finished broadly higher yesterday with shares in Germany leading the region. The DAX is up 1.49% while London’s FTSE 100 is up 0.65% and France’s CAC 40 is up 0.60%.
- S. stocks rallied on Monday as fears of a global trade war ebbed with investors betting that U.S. President Donald Trump would back down on his threat to impose hefty tariffs on steel and aluminum imports. The Dow Jones Industrial Average rose 336.87 points, or 1.37 percent, to 24,874.93, the S&P 500 gained 29.74 points, or 1.11 percent, to 2,720.99 and the Nasdaq Composite added 72.84 points, or 1 percent, to 7,330.71.
- Overnight, the dollar index and Treasury yields climbed as investors bet that President Donald Trump’s proposed tariffs on aluminum and steel imports were unlikely to lead to a full-fledged trade war with major trading partners. The U.S. House of Representatives Speaker Paul Ryan was the latest Republican to speak out against the tariffs, urging Trump to reassess them and raising doubts over whether they would be implemented. While Trump said he will not back down, he did remark that the tariffs will not cause trade wars.
- S. services sector activity slowed slightly in February, held back by a sharp pull back in employment growth, but a surge in new orders to a 12-1/2-year high pointed to underlying strength. The ISM said its non-manufacturing activity index slipped 0.4 point to a reading of 59.5 last month. A reading above 50 indicates expansion in the sector, which accounts for more than two-thirds of U.S. economic activity.