Financial Market Overview
07th December, 2018
After Noon Report:-
MARKETS AT AFTERNOON:-
- Indian rupee remained higher against the dollar in thin afternoon trade, tracking a slump in crude oil prices as investors awaited a decision on oil output cut after a meeting between OPEC and its allies concludes today.
- The rupee changed hands at 70.57 to a dollar, against its previous close of 70.90. The pair opened at 70.56 and has so far traded in a narrow band of 17 paise today. Most Asian currencies were trading flat to higher against the greenback.
- Indian shares edged up on Friday, recovering from sharp losses in the previous session, boosted by a report that Warren Buffett’s Berkshire Hathaway Inc might take a stake in private-sector lender Kotak Mahindra Bank Ltd.
- The broader NSE index was trading 0.17% higher at 10618.90while the benchmark BSE index was 0.33% higher at 35,429.40.
- Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.82% and the Shanghai Composite rose 0.03%. The Hang Seng lost 0.38%.
- European markets are mixed on Thursday. The CAC 40 is up 0.71% while the FTSE 100 gains 0.54%. The DAX is even.
- Participants will closely watch out for the release of U.S. non-farm payroll data that will give a hint over the performance of the economy and some clue over the rate action by the Federal Reserve.
- Benchmark Brent crude oil contract fell for a third consecutive session and was down 0.76% at $59.60 per barrel, adding to its 2.5% decline in the previous session amid reported comments by Saudi Arabia’s energy minister that he is backing a cut of one million barrels per day, which is at the lower end of the forecasts of analysts. His comments came ahead of a closely-watched OPEC meeting, with the cartel delaying the decision on output to today. Non-member Russia will join their OPEC counterparts to decide on the next course of action to stabilize oil prices, which have fallen by around 30% this quarter.
- The dollar index was up 0.1%, after falling 0.3% overnight. Dollar struggled to gain amid on-going speculation of pause in the Federal Reserve’s tightening cycle after a hike in December.