04 March 2022
World Market – Headlines
The euro continues to fall after news of a fire at a Ukrainian nuclear power plant.
Investors are keeping a close eye on developments in Ukraine and Russia, with Hong Kong leading the way in losses.
Oil reaches its highest level since 2008 before reversing course.
Following news of a fire at a nuclear power facility in Ukraine, the Indian rupee is projected to fall against the dollar, reflecting losses in Asian stocks and U.S. market futures.
The rupee is expected to open at about 76.02-76.06, down from 75.91 yesterday.
The euro was on track to have its worst week against the dollar in nine months, as the war in Ukraine and the potential of extended high commodity prices weighed on European economic growth predictions.
The euro fell further 0.48 percent to $1.1009, its lowest level since May 2020. It has dropped 1.84 percent this week, the lowest week for the euro since June 2021.
Following reports of the incident, the dollar fell 0.15 percent versus the safe-haven yen on Friday morning, though the dollar index, which measures the currency against six rivals, surged 0.3 percent.
Sterling was down at $1.3326, while the Australian dollar was edging away from a four-month high on the news of the fire.
The Indian stock market is predicted to open in the red, as the broader index in India is expected to open gap-down with a loss of 231 points, according to SGX Nifty trends.
The BSE Sensex dropped 366 points to 55,103 points, while the Nifty50 dropped 108 points to 16,498 points.
In Friday trade, Asia-Pacific stocks fell as investors remain concerned over Russia’s invasion of Ukraine.
In Japan, the Nikkei 225 index fell 2.47 percent, while the Topix index fell 1.99 percent.
The Hang Seng index in Hong Kong also suffered significant losses, falling 2.51%. The Shanghai composite fell 0.93 percent in mainland China, while the Shenzhen component fell 0.644 percent.
The Kospi index in South Korea fell 1.26 percent.
In Australia, the S&P/ASX 200 index fell 1.39 percent.
Outside of Japan, MSCI’s broadest index of Asia-Pacific stocks fell 1.49 percent.
Oil prices in the United States rose to their highest level since 2008 on Thursday before reversing course as the market assesses supply interruptions from Russia against the possibility of a nuclear deal with Iran.
The U.S. oil standard, West Texas Intermediate crude futures, reached a high of $116.57 per barrel on Sept. 22, 2008, a price last seen on Sept. 22, 2008. Brent crude, the international benchmark, rose to $119.84, its highest level since May 2012.
Later in the afternoon, prices went negative and moved downward. WTI fell 2.65 percent to $107.67 per barrel on the day, while Brent fell 2.19 percent to $110.46 per barrel.
|Friday, Mar 04, 2022|
|12:30||EUR||German Trade Balance (Jan)||7.1B||6.8B|
|15:00||GBP||Construction PMI (Feb)||54.3||56.3|
|15:30||EUR||Retail Sales (MoM) (Jan)||1.50%||-3.00%|
|19:00||USD||Average Hourly Earnings (MoM) (Feb)||0.50%||0.70%|
|19:00||USD||Nonfarm Payrolls (Feb)||400K||467K|
|19:00||USD||Unemployment Rate (Feb)||3.90%||4.00%|
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.