Financial Market Overview
08th March, 2018
MARKETS AT OPEN:-
- USD/INR opens higher after White House says there could be exemptions to US tariffs on steel and aluminum. Pair now at 64.93 against 64.88 previous close. Dollar index and S&P 500 Index end almost flat overnight, recovering earlier losses, after US softens stance on tariffs. White House spokesperson says there may be tariff exemptions for Canada, Mexico and possibly other countries.
- Pair to tip in range between 64.80-65.10.
- Benchmark indices opened sharply higher, tracking positive Asian cues. All beaten down stocks saw buying interest.
- The 30-share BSE Sensex was up 238.55 points at 33,271.64 and the 50-share NSE Nifty gained 71.60 points at 10,225.80 while the Nifty Midcap index gained 1 percent.
- Bhushan Steel rallied 19 percent and Tata Steel gained 1.5 percent. Adani Power and Tata Power were marginally lower.
- Asian markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.76% while the Hang Seng is up 1.51%. The Shanghai Composite is not trading.
- European markets finished broadly higher today with shares in Germany leading the region. The DAX is up 1.09% while France’s CAC 40 is up 0.34% and London’s FTSE 100 is up 0.16%.
- The Dow Jones Industrial Average fell 82.76 points, or 0.33 percent, to 24,801.36, the S&P 500 lost 1.32 points, or 0.05 percent, to 2,726.8 and the Nasdaq Composite added 24.64 points, or 0.33 percent, to 7,396.65.
- The dollar recovered ground on Thursday, drawing relief from positive labour market data and the White House saying Canada and Mexico, and possibly other countries, may be exempted from planned U.S. import tariffs on steel and aluminum.
- S. private employers added 235,000 jobs in February, well above economists’ expectations , Economists are expecting the U.S. economy to have added 200,000 jobs after adding 200,000 positions in January, while the unemployment rate is forecast to tick down to 4.0%.