Wall Street closed overnight while in Europe the Stoxx-600 was up 0.6
per cent. On the data front, German industrial production for July was
weaker than expected.
Oil prices were down close to 4 per cent in thin holiday trade. Yesterday in Asia, Shanghai A-Shares closed down -2.5 per cent, Japan's Nikkei closed up 0.4 per cent. This morning, Asian markets are looking mixed at best - a few are higher. The big global cue is the U.S. Fed meet next week.
Coming to our trading session, the SGX is indicating a mildly higher start. But as we have seen many times in the recent past, merely a higher start is of little comfort. A 'bullish' market should ideally have a flat-lower start which is then bid up steadily for the rest of the session and not the opposite - that is a higher start which gets sold into. Rupee has continued to slide as well and is now getting close to the year-end forecast of many economists.
On the Nifty, 7500 strike puts have nearly $600 million worth of open interest. Also today, PM Narendra Modi will chair a meeting with top industrialists & policy makers. Agenda of the meeting is - 'Recent Global Events - Opportunities for India'. Focus will remain on the sound bytes coming out of the meet.
Oil prices were down close to 4 per cent in thin holiday trade. Yesterday in Asia, Shanghai A-Shares closed down -2.5 per cent, Japan's Nikkei closed up 0.4 per cent. This morning, Asian markets are looking mixed at best - a few are higher. The big global cue is the U.S. Fed meet next week.
Coming to our trading session, the SGX is indicating a mildly higher start. But as we have seen many times in the recent past, merely a higher start is of little comfort. A 'bullish' market should ideally have a flat-lower start which is then bid up steadily for the rest of the session and not the opposite - that is a higher start which gets sold into. Rupee has continued to slide as well and is now getting close to the year-end forecast of many economists.
On the Nifty, 7500 strike puts have nearly $600 million worth of open interest. Also today, PM Narendra Modi will chair a meeting with top industrialists & policy makers. Agenda of the meeting is - 'Recent Global Events - Opportunities for India'. Focus will remain on the sound bytes coming out of the meet.
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