02 March 2022
World Market – Headlines
Euro testing support as Ukraine crisis looms over growth
Asia-Pacific stocks mixed as Ukraine crisis continues
Oil surges above $100 a barrel, stocks slide on Ukraine conflict
Currency
Indian Rupee
The Indian rupee is projected to fall against the dollar as crude oil prices rise, casting a pall over the country’s GDP, inflation, and trade deficit prospects.
The rupee is tipped at around 75.75-75.85 at open, down from 75.34 on Monday.
Other Currencies
On Wednesday, the euro was under pressure as the Russian bombing of Ukrainian cities intensified and the price of oil rose, raising market concerns about an impact to Europe’s economy and growth.
The euro dipped below support overnight, hitting a 21-month low of $1.1090, before recovering somewhat to trade at $1.1131 early in the Asian session.
The safe-haven yen was solid, mirroring a risk-averse atmosphere in other markets, and was last trading at 114.85 per dollar, barely above its 50-day moving average.
Russia’s rouble, which hit a record low of 117 to the dollar on Tuesday as a result of Western sanctions, remained below 100.
Equity
Indian Equity
The Nifty 50 Futures, an early indication for the Nifty50, were trading 1.6 percent lower at 8:40 a.m. on Wednesday, reflecting negative global signals and increasing oil prices amid the escalating Russia-Ukraine situation, predicting a gap-down beginning on Dalal Street.
Other Markets
In Wednesday trade, Asia-Pacific stocks largely fell as the ongoing Russia-Ukraine crisis continued to drive up oil prices.
The Nikkei 225 in Japan dropped 1.87% while the Topix index shed 1.78%.
Mainland Chinese stocks were also lower, with the Shanghai composite down 0.26% while the Shenzhen component declined 1.003%. Hong Kong’s Hang Seng index shed 0.94%.
Meanwhile, South Korea’s Kospi sat below the flatline. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.38% lower.
Oil
Fears about the impact of harsh sanctions against Russia following its invasion of Ukraine pushed oil back above $100 a barrel on Tuesday, while U.S. and German government debt surged, further lowering stocks in Europe and on Wall Street.
Crude futures in the United States rose $7.69 to $103.41 a barrel, while Brent finished at $104.97, while European natural gas prices rose over 29%.
Economic Events
Economic Calendar | ||||
Wednesday, Mar 02, 2022 | ||||
Time | Country | Event | Forecast | Previous |
12:30 | EUR | German Retail Sales (MoM) (Jan) | 1.80% | -5.50% |
12:30 | GBP | Nationwide HPI (MoM) | 0.60% | 0.80% |
14:25 | EUR | German Unemployment Change (Feb) | -23K | -48K |
15:30 | EUR | Core CPI (YoY) | 2.30% | |
15:30 | EUR | CPI (YoY) (Feb) | 5.30% | 5.10% |
18:00 | GBP | Annual Budget Release | ||
18:45 | USD | ADP Nonfarm Employment Change (Feb) | 378K | -301K |
20:30 | USD | Fed Chair Powell Testifies | ||
21:00 | USD | Crude Oil Inventories | 2.748M | 4.515M |
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Disclaimer : All information in this report is collected from various sites on internet. Although we have taken all precautions for correct representation of data however we do not take any responsibility for any errors and omissions. The technical analysis and views expressed is authors own views. We are not responsible for any losses on account of following the same.
Sources
