Morning Daily

@9AM_07 August, 2020

US index futures are trading lower (down 0.3%-0.4%), as we write, as Trump issues executive orders on Chinese apps. Trend on SGX Nifty hinting at a ‘-ve opening’ for the index in India. Most of the Asian markets are trading in red during early morning trade, as U.S.-China tensions continued to heat up.

 

NIFTY August future closed at 11199.5 with a discount of 1 points, while September futures were at a premium of 11 points towards close.

 

U.S. market closed higher yesterday with the Nasdaq ending the session above 11,000 for the first time, as lawmakers pledged to keep working on another coronavirus financial-aid package and President Donald Trump said he could issue executive orders on some relief measures. Marginally better than expected weekly U.S. jobless benefit claims data might have also eased the investors’ concerns about the impact of COVID-19 pandemic on the economy.

 

Initial jobless claims in US fell by 249,000 in early August to 1.19 million and touched the lowest level since the coronavirus pandemic began more than four months ago, a surprising decline that suggest some improvement in the labour market despite another surge in coronavirus cases in many U.S. states.

 

Oil futures closed lower after a choppy session, snapping a four-day winning streak, as investors weighed a surprising fall in U.S. weekly first-time jobless claims against worries about lacklustre fuel demand. As we speak, US WTI crude futures are trading lower by 0.3% to $41.8/barrel (@9AM IST), while Brent crude futures are also trading in red 0.3% at $45.0/barrel.

 

Gold prices ended sharply higher yesterday, extending a record rally to a fifth straight day, with a muted USD and lacklustre moves in equities supporting bullion’s ascent to near $2,100. Doubts about the complexion of the coming jobs report on Friday also underpinned bids for bullion.

 

US Treasury yields came off their intraday lows on Thursday after the Trump administration rescinded its global travel warning, inspiring a late-day recovery in risk assets and erasing the government bond market’s earlier gains. The 10-year treasury note yield fell 0.6bps to 0.535% while the 30-year slipped 1.8bps  to close at 1.200%.

Asian IndicesLast @9AM% Change
SGX NIFTY11,1650.43%
Nikkei22,235-0.83%
Straits Times2,536-0.92%
Hang Seng24,322-2.44%
Taiwan12,820-0.72%
Kospi2,337-0.26%
Shanghai3,349-1.10%

US/European IndicesPrevious Day% Change
Dow Jones27,3870.68%
NASDAQ11,1081.00%
S&P 5003,3490.64%
FTSE 1006,027-1.27%
Stoxx 600362-0.73%
DAX12,592-0.54%
CAC 404,885-0.98%

Institutional Flows – Provisional (August 06, 2020)

Net Buy/SellLast Day (Rs. Cr)MTD (Rs. Cr)July 2020 (Rs. Cr)
FIIs637.49,099.52,490.2
DIIs-468.0-1,695.2-10,007.9
Note: MTD Stands for Month Till Date.  

Disclaimer: The views expressed here are based solely on information available publicly/internal data/other reliable sources believed to be true. Facts presented have been verified, however, the same may contain human errors/ errors from database. The information is provided merely as a complementary service and do not constitute an offer, solicitation for the purchase or sale of any financial instruments, inducement, promise, guarantee, warranty, or as an official confirmation of any transactions or contract of any kind.

 


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