World Markets

World Markets

05 July 2021

World Markets at a glance for Currency, Equity, Commodity, Bonds, Crypto Currency, Financial News & Major Economic Events.

  • Dollar pauses as rate hike fears ebb, Fed minutes up next
  • Asian stocks extend global rally after U.S. jobs report
  • Oil drops as lack of OPEC+ unity hangs over market

World MarketsCurrency

The dollar took a breather on Monday, after recent gains ran into a speed bump when details of last week’s U.S. jobs report soothed jitters about the timing of U.S. interest rate hikes.

While the headline June job creation figure beat forecasts, unemployment ticked higher, workforce participation didn’t budge and the pace of hourly earnings growth slowed – suggesting rate rises could be further away than markets have come to fear.

The dollar clawed back slightly against the yen, rising 0.14% to 111.15 yen early in the Asia session, after dropping just below 111 yen following the jobs report. The euro was steady at $1.1859, off Friday’s three-month low of $1.1807. The U.S. dollar index was flat at 92.334, having fallen about 0.3% to that level on Friday.

Equity

Most Asian stocks gained on Monday, extending the rally that took global equities to a record high after a U.S. jobs report signalled the economic recovery remained intact but didn’t yet warrant any immediate withdrawal of Federal Reserve stimulus.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3%, led by a 1% gain in Taiwan. Chinese blue chips added 0.1%. S&P 500 futures pointed to a 0.1% dip for Tuesday’s open, after the index closed 0.8% higher at a record 4,352.34 on Friday. The Dow Jones Industrial Average rose 0.4% and the Nasdaq Composite added 0.8% to hit a record. Japanese markets, however, bucked the trend, with the Nikkei falling 0.5% following a surge in COVID-19 infections in Tokyo

Oil

Oil prices fell on Monday, with Brent dropping after four days of gains, as investors and traders awaited crucial talks by OPEC+ following disagreement within the group that could lead to major producers pumping up volumes to grab market share.

Brent crude was down by 40 cents, or 0.5%, at $75.77 a barrel , after falling 1 cent last week, the first weekly decline in six. U.S. oil was down by 30 cents, or 0.4%, at $74.86 a barrel, having risen 1.5% last week, the sixth consecutive week of gains for the contract.

Business News Headline

Economic Times

Ø JK Cement expects 10% revenue growth this fiscal
Ø NTPC, ONGC to boost development of offshore wind energy
Ø GAIL looks at petrochemicals, renewables for growth
Ø NTPC floats tender for sale of fly ash at desired ports of Middle East, other regions
Ø Honda plans to hike vehicle prices from August as input costs go up sharply
Ø Dr Reddy’s expects biz growth to be volatile in current fiscal
Ø Investors don’t see end to record-breaking equity rally just yet
Ø Q1 earnings, IPOs among key factors that will guide market this week
Ø The race to become the Vanguard of India’s stock market is on
Ø Corporate buybacks gain steam with banks poised to boost buying
Ø LIC IPO: Govt likely to invite bids from merchant bankers this month

Business Standard

Ø Where there is growth and scale, Tata Motors to take that route
Ø Investors are looking beyond pure-play equity schemes, say analysts
Ø Pandemic or not, business as usual for deal street as M&As soar 44% in H1
Ø Tata Steel April-June crude steel output up 55% YoY to 4.62 million tonnes
Ø Sebi fines IL&FS, AFSPL for fraudulent MF transactions
Ø India’s economic hit from second Covid wave to be limited to Q1: Moody’s
Ø Vodafone Idea’s demand for AGR payment relaxation unjustified, says group
Ø Govt to soon issue ‘clarification’ on FDI in e-commerce: Piyush Goyal
Ø Govt’s edible oil duty cut to have little impact on prices, say traders
Ø Get used to it: Investors expect record-breaking equity rally to continue

Financial Express

Ø Telecom Watchdog wants govt to reject Vodafone Idea plea for deferring payments
Ø UTI AMC stake: SBI, LIC, BoB move SC against SAT order
Ø New export strategy may focus more on key component
Ø Improved earnings to lift Sensex, Nifty higher; private banks, IT space attractive for investors
Ø NTPC Renewable Energy Ltd IPO to hit markets in 2022-23
Ø Loan loss ratios could rise but banks have enough capital, says RBI
Ø Govt imposes stock limits for pulses to cool rising prices
Ø Mcap of eight of 10 most valued firms falls by Rs 65,176cr
Ø Finolex Industries Rating ‘Buy’; Results were well ahead of estimates
Ø Plastic exports may jump 20-25 pc in FY22; govt support needed: PLEXCONCIL Chairman

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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

https://www.reuters.com/

https://in.investing.com/