24 March 2022
World Market – Headlines
As Biden presents Europe with his sanctions plan, the dollar rises and the euro falls.
Markets in Asia-Pacific are falling as oil prices continue to rise following a spike on Wednesday.
Oil rises 5% as a stoppage in the Caspian pipeline adds to supply concerns.
Currency
Indian Rupee
.The Indian rupee is projected to fall against the dollar today as crude oil prices rose, raising inflation fears and stalling a relief rally in global stocks.
The rupee is expected to open around 76.50-76.55 per dollar, down from 76.30 the day before.
Other Currencies
The dollar rose on Wednesday, while the euro fell, as oil prices rose again, ahead of US President Joe Biden’s travel to Europe, when he is expected to announce more sanctions against Russia alongside European leaders.
The dollar index increased by 0.097 percent, while the euro declined by 0.17 percent to $1.1008.
After Russian President Vladimir Putin announced Russia will seek payment in roubles for gas supplies from “unfriendly” countries, the Russian rouble surged 8.65% against the dollar to 89.50 per dollar, up from a one-month high of 87.50.
The Japanese yen fell 0.30 percent to 121.12 per dollar, while the British pound fell 0.42 percent to $1.3207, after touching a three-week high of $1.3298 earlier in the day.
Equity
Indian Equity
The Indian stock market is predicted to open in the red, as the broader index in India is expected to open with a loss of 102 points, according to SGX Nifty trends.
The BSE Sensex dropped over 300 points to 57,685, while the Nifty50 retreated 70 points to 17,246 and created a bearish candle on the daily charts.
Other Markets
Following a spike in oil prices on Wednesday, Asia-Pacific markets fell in early Thursday activity.
Chinese stocks fell on Thursday, following other Asian markets lower, after oil prices rose by roughly 5% on Wednesday.
The Hang Seng index in Hong Kong lost 0.88 percent in early trade.
The Shanghai composite fell 0.8 percent in mainland China, while the Shenzhen component fell 1.465 percent.
The Nikkei 225 in Japan fell 1.1 percent, reversing part of Wednesday’s 3 percent gain. The Topix index has dropped by 0.94 percent.
The Kospi index in South Korea fell 0.76 percent. The S&P/ASX 200 outperformed the broader area in Australia, as it was slightly higher.
Oil
On Wednesday, oil prices increased 5% to over $121 a barrel, owing to disruptions in Russian and Kazakh crude exports via the Caspian Pipeline Consortium (CPC) pipeline, adding to concerns about global supply shortages.
Brent crude prices jumped $6.12, or 5.3 percent, to $121.60 a barrel, while WTI crude futures in the United States rose $5.66, or 5.2 percent, to $114.93 a barrel.
Oil benchmarks have been slowly rising since Russia invaded Ukraine in a “special operation” a month ago, and the US and its allies imposed harsh sanctions on the country, affecting global oil commerce.
Economic Events
Thursday, March 24, 2022 | ||||
Time | Cur. | Event | Forecast | Previous |
14:00 | CHF | SNB Interest Rate Decision (Q1) | -0.75% | -0.75% |
14:00 | CHF | SNB Monetary Policy Assessment | ||
14:00 | EUR | German Manufacturing PMI (Mar) | 55.8 | 58.4 |
15:00 | GBP | Composite PMI | 58.7 | 59.9 |
15:00 | GBP | Manufacturing PMI | 57 | 58 |
15:00 | GBP | Services PMI | 58 | 60.5 |
15:00 | CHF | SNB Press Conference | ||
15:30 | EUR | EU Leaders Summit | ||
18:00 | USD | Core Durable Goods Orders (MoM) (Feb) | 0.60% | 0.70% |
18:00 | USD | Initial Jobless Claims | 212K | 214K |
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