Global market today: Wall Street managed to snap a three-week losing streak following Friday’s rally. sentiment remained upbeat despite a report showing resilience in the service sector, as more investors wagered the impact of the Fed’s hikes on the economy would be delayed. Bond yields rose for the week though Treasuries rallied on Friday, with the 10-year yield hovering around 3.96 per cent. A benchmark of the dollar had its worst week since mid-January, ending four consecutive weeks of gains. SGX Nifty today opened higher from its Friday close, which signals positive opening on Dalal Street.
Here we list out key global market triggers that may dictate stock market today:
US stock market
After ending lower for three weeks in a row, Wall Street finished higher last week despite reports on resilience in service sector. On Friday deals, Dow Jones appreciated 1.17 per cent, S&P 500 index ascended 1.61 per cent whereas tech heavy Nasdaq index shot up 1.97 per cent.
“Currently, all eyes will be on the non-farm payrolls report next week for clues on whether the economy can handle more rate hikes. Data this week showed continued labor-market resilience in the US, supporting the case for the Fed to stick to its tightening policy, a theme that had pushed almost every major asset into the red in February,” said Marc Despallieres, Chief Strategy and Trading Officer at Vantage.
“Most global stocks inched higher on Friday and started March on a high note as markets digested more signals on U.S. monetary policy and positive Chinese economic data,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
Asian markets
In early morning session, the Japanese Nikkei appreciated 1.25 per cent, Hong Kong’s Hang Seng went off 0.04 per cent whereas Shanghai index corrected 0.05 per cent.
SGX Nifty today
Signalising positive opening on Dalal Street when market opens on Monday, SGX Nifty today opened higher at 17,730, which turned out its intraday high as well. SGX Nifty witnessed some correction in morning deals and made intraday low of 17,686. SGX Nifty is currently quoting 17,692, around 60 points higher from its previous close.
Speaking on outlook for SGX Nifty today, Anuj Gupta, Vice President — Research at IIFL Securities said, “SGX Nifty has opened higher today and it has witnessed spurt in volume as well. So, the index is signaling recovery from the oversold zone and same can be expected on Dalal Street when the market opens today.”
US dollar rate
After ending worst week since mid-January, US dollar is trading with some positive bias as the Dollar Index appreciated 0.04 per cent to 104.528 levels in early morning deals.
US bond yield
In early morning session on Monday, US 10 year bond yield is down 0.43 per cent at 3.946 whereas US 30 year bond yield went off 0.24 per cent to 3.878 levels.
Crude oil price
In international spot market, crude oil price has fallen by 0.76 per cent to $79.21 per barrel levels. This ease in oil prices can be attributed to the rise in ?US dollar rates that has worked as taper for fossil fuel price.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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