17 March 2021
World Markets at a glance for March 17, 2021 for Currency, Equity, Commodity, Bonds , Crypto Currency, Financial News and Economic Events.
Major currencies on hold as investors keep eagle eye on Fed guidance
Asian stocks to open lower as investors eye Fed meeting
Oil drops as COVID-19 vaccine halt threatens demand
Major currencies held tight ranges on Wednesday as investors looked to the U.S. Federal Reserve’s policy meeting for any indications it could start rate hikes earlier or let bond yields rise further.
The dollar index stood at 91.866, having risen for the last three sessions, drawing support mainly from elevated U.S. bond yields on the back of expectations of a strong economic recovery.
Fed policymakers are expected to give a nod to such a rosy view, by forecasting that the U.S. economy will grow in 2021 at the fastest rate in decades, as the COVID-19 vaccination campaign gathers pace and a $1.9 trillion relief package washes through to households.
A bigger question for market players is whether the Fed will signal any inclination to start raising interest rates in 2023, earlier than it has previously said, in a move that could fuel a further rally in the dollar.
The dollar stood at 109.01 yen, not far from Monday’s nine-month high of 109.365.
The euro changed hands at $1.1903, having declined over the last three days, with immediate supports at its 200-day moving average of $1.1843 and last week’s 3 1/2-month low of $1.18355.
The British pound bounced back to $1.3899, after Europe’s medicines watchdog said there was no evidence AstraZeneca’s vaccine was unsafe.
Asian stocks were set to open mostly lower on Wednesday following a sell-off in U.S. stocks, as investors awaited the Federal Reserve’s meeting and whether the central bank will maintain near-zero interest rates amid the economy’s post-pandemic recovery.
Australia’s S&P/ASX 200 index lost 0.34% in early trading. Japan’s Nikkei 225 futures fell 0.20%, while Hong Kong’s Hang Seng index futures rose 0.34%. E-mini futures for the S&P 500 rose 0.13%.
The S&P 500 and Dow Jones retreated late in the session on Tuesday as yields on longer-maturity U.S. Treasury bonds ticked up. This undercut investor optimism stoked by economic aid and vaccination drives. The Dow Jones Industrial Average fell 0.39% to end at 32,825.95 points, while the S&P 500 lost 0.16% to 3,962.71. The Nasdaq Composite edged up 0.09% to 13,471.57.
Oil prices fell for a third day on Tuesday, as Germany, France and other European states suspended the use of a major coronavirus vaccine, threatening the recovery of fuel demand.
Brent crude fell 49 cents to settle at $68.39 a barrel, while U.S. crude dropped 59 cents to end at $64.80 a barrel. Earlier this month, Brent reached its highest since early 2020, while U.S. crude hit a 2018 high.
Major Economic Events
Ø RBI strengthening institutional mechanism to prevent bank frauds: FM
Ø Bharat Forge forms special purpose vehicle to hold its EV business, future acquisitions
Ø CSR funds not used for implementing govt schemes: MoS Finance
Ø 40% more jobs generated in current fiscal under MGNREGA: Govt
Ø India’s exports during March 1-14 up 17% at USD 14 billion
Ø Performance of unsecured loans worsening, says India Ratings
Ø Cabinet clears Bill on setting up DFI with capital infusion of Rs 20,000 cr
Ø IOC to sell hydrogen plants to monetise non-core assets
Ø Google halves Play billing fee to 15% for developers on first $1 mn revenue
Ø Carlyle to sell 4% stake in SBI Cards
Ø Ind-Ra revises fiscal year 2022 steel sector outlook to stable
Ø Bain Capital-owned Diversey aims for $6.38 billion valuation in US IPO
Ø Icra upgrades Titan’s long term rating to ‘AAA’ with stable outlook
Ø Govt notifies vehicle recall policy, to be effective April 1
Ø French shipping group ‘calls off’ plan to sell stake in Mundra terminal to Chinese firm
Ø BPCL bets on clean energy, to hike share of gaseous fuel in total sales
Ø IOCL declares ₹3 second interim dividend
Ø Gland Pharma inks pact to supply 252 million doses of Sputnik V vaccine
Ø GMM Pfaudler buys assets of HDO Technologies in liquidation
Ø IndiGrid plans to raise up to ₹5,300 cr through term loans, NCDs
Ø Goldman, Cerberus buy rare Indian junk-bond by Kesoram Industries offering 21%
Ø Wipro, Tech Mahindra collaborate with Finnish firms to develop 5G in India
Ø Suryoday Finance Bank raises ₹170 cr from anchor investors ahead of IPO
Ø Godrej Properties raises ₹3,750 crore via QIP issue
Ø Piramal Capital to raise up to ₹3,000 crore via NCDs
Ø Rs 3 lakh cr boost for infra development: Cabinet OKs DFI, govt to leverage pension, sovereign funds
Ø TCS launches platform to secure enterprises from cyber risk
Ø Nationwide bank strike continues to impact PSB services on Day 2
Ø A dozen countries suspend AstraZeneca shots over fears of blood clots
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.
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