World Markets

World Markets

1 April  2022  

World Market – Headlines  

  • In comparison to the yen, the dollar rises ahead of payrolls and restarts rise.

  • The S&P 500 index has dropped for the first time in two years, causing Wall Street to plummet.

  • The price of oil fluctuates before a conference of consumption nations to discuss stock releases.

World Markets

Currency

Indian Rupee

 Indian Rupee opens at 75.93 against yesterday’s close of 75.78 due to Risk-off sentiment in the market. Yesterday Indian Rupee touched a low of 75.66 due to Year-end flows.

According to Charts, 75.502 – 75.60 remains a support level while 76.20-30 is the near-term Resistance zone for Dollar Rupee.

Other Currencies

On Friday, the dollar resumed its surge against major rivals, as well as against the yen, ahead of a vital US employment report that might solidify the possibility of a 50 basis-point Federal Reserve interest rate hike next month.

The dollar index, which compares the greenback to six other currencies including the euro and the yen, increased 0.10 percent to 98.420, following a 0.50 percent advance on Thursday.

Following a recent rally from levels below 98, the US dollar index, which monitors the greenback against a basket of peers, was at 98.4.

The Japanese yen was trading at 122.17 per dollar, up from yesterday’s highs of 122 against the greenback. The Australian dollar was trading at $0.748, down from $0.747 the day before.

Sterling fell 0.07 percent to $1.31360, extending its weekly loss to 0.36 percent.

The risky, commodity-linked Australian dollar remained unchanged at $0.74825, down 0.45 percent this week after reaching a nearly five-month high of $0.7540 at the start of the session.

Bitcoin fell 0.93 percent to $45,093.74, down 3.78 percent this week after touching $48,234.00 for the first time since the beginning of the year on Monday.

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 110 points, according to SGX Nifty trends.

On March 31, the BSE Sensex declined 115 points to 58,568 and the Nifty50 fell 33 points to 17,465 on the daily charts, forming a small body bearish candle, interrupting a three-day winning streak.

The pivot charts show that the Nifty’s main support level is 17,413, followed by 17,362. The important resistance levels to watch if the index rises are 17,538 and 17,611.

Other Markets

Concerns over the ongoing crisis in Ukraine, its inflationary effect on prices, and the Federal Reserve’s response weighed on US stocks as the first quarter concluded on Thursday, with the worst quarterly drop in two years.

The Dow Jones Industrial Average sank 550.46 points, or 1.56%, to 34,678.35, the S&P 500 dropped 72.04 points, or 1.57 percent, to 4,530.41, and the Nasdaq Composite slid 221.76 points, or 1.54%, to 14,220.52.

The S&P 500 was down 4.9 percent for the quarter, the Dow was down 4.6 percent, and the Nasdaq was down 9.1 percent, but the S&P 500 was up 3.6 percent for the month, the Dow was up 2.3 percent, and the Nasdaq was up 3.4 percent.

On the NYSE, declining issues exceeded advancing ones by a 1.61-to-1 ratio, while on the Nasdaq, decliners were favored by a 1.74-to-1 ratio.

The S&P 500 index hit 53 new 52-week highs and eight new lows, while the Nasdaq Composite hit 57 new highs and 103 new lows.

The Hang Seng index in Hong Kong led regional losses, tumbling 1.37 percent in the morning session.

Shanghai’s composite fell 0.1 percent, while Shenzhen’s component fell 0.281 percent.

The Nikkei 225 index was down 0.61 percent, while the Topix index was down 0.22 percent.

The Kospi index fell by 0.7 percent. The S&P/ASX 200 index in Australia was slightly higher.

MSCI’s broadest Asia-Pacific outside Japan index was down roughly 0.8 percent.

Oil

Oil prices swung back and forth on Friday ahead of a meeting of consuming nations to debate a new release of emergency oil reserves in tandem with the US’s massive planned release.

After trading as high as $101.75, U.S. West Texas Intermediate (WTI) oil futures fell 6 cents to $100.22 a barrel. On Thursday, the contract lost 7% of its value.

After falling 5.6 percent on Thursday, Brent crude futures climbed 5 cents to $104.76 a barrel. On Thursday, the May contract expired at $107.91.

Oil prices fell after Biden’s remark, although OPEC+ kept to its existing supply accord. Energy has been the best performing industry so far this year, with a gain of roughly 38%. With the gain, the sector had its highest quarterly gain on record. 

Economic Events

Economic Calendar

Friday, Apr 01, 2022

Time

Country

Event

Forecast

Previous

13:25

EUR

German Manufacturing PMI (Mar)

57.6

57.6

14:00

GBP

Manufacturing PMI (Mar)

55.5

58

14:30

EUR

CPI (YoY) (Mar)

6.60%

5.90%

18:00

USD

Nonfarm Payrolls (Mar)

490K

678K

18:00

USD

Unemployment Rate (Mar)

3.70%

3.80%

19:30

USD

ISM Manufacturing PMI (Mar)

59

58.6

 

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 views. We are not responsible for any losses on account of following the same.

 

Sources

https://www.reuters.com/

https://in.investing.com/