World Markets

World Markets17 March 2022  

World Market – Headlines  

  • The Russian rouble is rising in small amounts, and the market is looking for coupon payments. 
  • The Hang Seng index in Hong Kong jumps nearly 5% as Asian stocks rise, with Japan’s Nikkei up 3%.

  • On the back of the IEA’s supply warning, oil futures are trading higher.

World MarketCurrency

Indian Rupee

Despite the Federal Reserve predicting an aggressive monetary tightening cycle, the Indian rupee is projected to strengthen versus the US dollar today as risk assets soared and the dollar fell.

At open, the rupee is trading at 76.05-76.10 per dollar, down from 76.27 the previous session.

Other Currencies

On Wednesday, the Russian rouble climbed against the dollar in Moscow and offshore trade, albeit volumes were light and other Russian assets remained untradable.

The rouble rose 1.9 percent against the dollar to settle at 108 per dollar at the close of trading in Moscow and gained 0.7 percent against the euro to close just below 117.7.

The rouble was recently bid at 91 per dollar on overseas exchanges and traded at 97, up more than 13% on the day. So far this year, it has lost 23% of its value.

Overnight, the yen fell to 119.13 per dollar, its lowest level since early 2016, and was last seen at 118.96. On Wednesday, it fell 1.6 percent versus the Australian dollar, and on Thursday, it hit a four-year low of 86.97 yen per Aussie.

The euro rose more than 1% against the yen overnight and more than 0.7 percent against the dollar to $1.1044 in early Asia trade, boosted by expectations of peace.

The value of the pound was hovering at $1.3149.

The dollar index sank 0.5 percent overnight and slid another 0.2 percent in early Asia trade to 98.287.

After better-than-expected employment statistics, the Australian dollar surged through its 200-day moving average to $0.7308, while the kiwi was weighted a little and was flat at $0.6836 after softer-than-expected growth data.

Equity

Indian Equity

The market is projected to open in the green, with the SGX Nifty indicating a 296-point gap-up opening for the broader index in India.

The BSE Sensex rose over 1,000 points to 56,817, while the Nifty50 rose over 300 points to 16,975, forming a bullish candle on the daily charts.

Other Markets

Following overnight advances on Wall Street, Asian stocks climbed in early Thursday trade, while the US Federal Reserve announced its first rate hike in more than three years.

The Hang Seng Technology index increased by 8.45 percent, with Tencent up 5%, Alibaba around 10%, and JD up around 16 percent.

The Shanghai Composite climbed 1.23 percent, while the Shenzhen component gained 1.95 percent.

Other Asian markets have also risen. In Japan, the Nikkei 225 index rose 3.22 percent, while the Topix index rose 2.19 percent.

The Kospi index in South Korea increased by 1.7 percent. The S&P/ASX 200 index rose 1.43 percent in Australia.

Outside of Japan, MSCI’s broadest index of Asia-Pacific stocks rose 2.68 percent.

Oil

Oil futures climbed in early Thursday trading, recouping some of the previous day’s losses after the International Energy Agency (IEA) stated a drop in oil demand owing to higher prices would not be enough to compensate for a Russian oil supply disruption.

The international benchmark Brent crude futures rose 1.12 percent to $99.12 a barrel in the morning of Asian trading hours. Crude futures in the United States rose 1.25 percent to $96.23 per barrel.

Front-month Brent crude futures were up 66 cents, or 0.67 percent, to $98.68 a barrel, while WTI crude in the United States was up 84 cents, or 0.86 percent, to $95.86 a barrel.

Following an unexpected increase in US crude stockpiles and hints of progress in Russia-Ukraine peace talks, both prices finished lower on Wednesday. The price of US crude fell 1.08 percent to $95.04 per barrel, while Brent fell 1.9 percent to $98.02 per barrel.

 Economic Events 

Economic Calendar

Thursday, 17 March 2022

Time

Currency

Event

Forecast

Previous

15:00

EUR

ECB President Lagarde Speaks

 

 

15:30

EUR

CPI (YoY) (Feb)

5.80%

5.80%

17:30

GBP

BoE Interest Rate Decision (Mar)

0.75%

0.50%

18:00

USD

Philadelphia Fed Manufacturing Index (Mar)

15.00%

16.00%

 

Prepared by

Anushree Saxena (Intern)

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Disclaimer: All information in this report is collected from various sites on the internet. Although we have taken all precautions for the correct representation of data however we do not take any responsibility for any errors and omissions. The technical analysis and views expressed are the author’s own views. We are not responsible for any losses on account of following the same.

Sources

https://www.reuters.com/

https://in.investing.com/