15 March 2022
World Market – Headlines
- All eyes are on the upcoming Fed meeting, and the yen continues to fall.
The Hang Seng index in Hong Kong has dropped by more than 2%, while oil prices have dropped by 5%.
Oil prices have fallen as a result of the Ukraine talks and concerns about slowing demand in China.
Currency
Indian Rupee
Other Currencies
The yen remained under pressure on Tuesday, while the Australian dollar was battered by the latest Chinese lockdowns in response to additional COVID-19 outbreaks, but traders’ attention was drawn to this week’s Fed meeting.
The dollar index, which compares the greenback to six major currencies, was at 99.108, not far off its best level since May 2020 of 99.415 a week ago.
At $1.0947, the euro remained relatively stable.
In the world of cryptocurrencies, bitcoin was down 1.7 percent at roughly $39,000, while sterling was also knocked down at $1.3005.
Equity
Indian Equity
The Indian stock market is projected to open in the red, with SGX Nifty trends indicating a gap-down opening with a loss of 100 points for the broader index in India.
On the daily charts, the BSE Sensex rose 936 points, or 1.68 percent, to 56,486, while the Nifty50 rose 241 points, or 1.45 percent, to 16,871 and formed a bullish candle.
The pivot charts show that the Nifty’s important support level is 16,689, followed by 16,507. The important resistance levels to watch if the index rises are 16,971 and 17,070.
Other Markets
China’s stock market underperformed the rest of Asia-Pacific on Tuesday, though some losses were mitigated with the announcement of far-below-expected Chinese growth data.
The Hang Seng index in Hong Kong led regional losses, plunging more than 4% briefly before recovering some of those losses, closing 2.26 percent lower.
South Korea’s Kospi index fell 0.67 percent. The S&P/ASX 200 index in Australia fell 0.53 percent.
In Japan, the Nikkei 225 index rose 0.37 percent, while the Topix index rose 0.93 percent.
Outside of Japan, MSCI’s broadest index of Asia-Pacific stocks fell 1.26 percent.
Oil
On Tuesday, oil prices fell to a two-week low, owing to ongoing ceasefire talks between Russia and Ukraine, as well as concerns about demand in China following an increase in COVID-19 cases.
Brent futures were down $4.20, or 3.9 percent, at $102.70 per barrel, after plunging 5.1 percent the day before.
For the first time since March 1, U.S. West Texas Intermediate (WTI) crude went below $100 a barrel, falling $4.30, or 4.2 percent, to $98.71 a barrel. The drop came after a 5.8% drop the day before.
Economic Events
Economic Calander | ||||
Tuesday, 15 March 2022 | ||||
Time | Currency | Event | Forecast | Previous |
12:30 | GBP | Average Earnings Index +Bonus (Jan) | 4.60% | 4.30% |
15:30 | EUR | German ZEW Economic Sentiment (Mar) | 10% | 54.30% |
18:00 | USD | PPI (MoM) (Feb) | 0.90% | 1% |
20:45 | EUR | ECB President Lagarde Speaks |
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Prepared by
Anushree Saxena (Intern)
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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