Trade Setup for Friday 1 Sept 2023: Stock Market Today

 

Trade setup for Friday 1 Sept 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens and ahead of Trade Setup today.

 

Asian Stock Markets

 

Asian stock markets are mostly trading higher on Friday. The majority of the markets turned positive as China’s Ciaxin Manufacturing PMI data showed expansion, the PMI index rose by 51.0 in August from 49.2 in July. Investors are now looking ahead to the other economic data in the region. Trading in Hong Kong was halted due to Typhoon Saola.

Japan’s Nikkei erased early losses and is trading higher by 0.72 percent while Kospi is trading flat to positive. China’s Shanghai is trading higher by 0.43 percent. Taiwan is trading higher by 0.40 percent at 7.30 am IST.

Gift Nifty is trading lower by 16 points or 0.08 percent at 19424 levels. The indication from the Asian markets is positive, India’s GDP data released on Thursday post-market was also strong. The Indian stock market indexes will likely open positive and trade above their flatline today.

 

U.S. Stock Market Indexes Update

 

The US stock market indexes closed mixed on Thursday, Nasdaq gained for the fifth consecutive day, as inflation data showed steady. The much-awaited and Fed’s preferred gauge of inflation indicator, the Personal Consumption Expenditures (PCE) price index and Core PCE came in line with the expectation. 

Meanwhile, Americans filing for unemployment benefits for the week ended August 26 fell to 228,000, compared with estimates of 235,000 claims. Investors are now looking ahead to the non-farm payroll data and unemployment rate on Friday.

The software company Salesforce shares jumped 8% after the company reported an upbeat revenue forecast on Wednesday post-market hours. Dow Jones and S&P 500 erased all intraday gains and closed lower by 0.48 percent and 0.16 percent respectively, while Nasdaq trimmed most of its gains and ended slightly higher by 0.11 percent on Thursday. 

 

European Stock Market Indexes Updates

 

European stock market indexes closed mixed on Thursday, as the euro area annual inflation data is expected to remain unchanged in August. The flash estimates from the Eurostat data showed that inflation is expected to be 5.3% in August. 

A separate report from the Eurostat data showed that the euro area seasonally adjusted unemployment rate was 6.4% in July, which also remained unchanged from the previous month.

On Thursday, the UBS group said it will fully integrate Credit Suisse into its business, further, it announced a $10 billion cost-cutting plan, saying it will axe 3,000 jobs in Switzerland alone. Banking stocks led the losses on Thursday. 

The pan-European Stoxx index declined by 0.10 percent. The key indexes, FTSE and CAC closed lower by 0.46 percent and 0.65 percent respectively while DAX gained 0.35 percent.

 

Indian Stock Market Indexes

 

Indian stock markets snapped a three-day gaining streak and closed in moderate losses. The domestic markets opened positive on Thursday and after initial volatility, indices gradually declined due to profit booking in banking stocks. The volatility in the markets was due to the expiry of F&O contracts for the August series. 

The market breadth was slightly positive with the advance decline indicating a ratio of 4:3 at the close. FIIs were the net sellers in the Indian equity markets, while DIIs continued buying. FIIs offloaded shares worth Rs 2973.10 crore while DIIs bought Rs 4382.76 crore.

 

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News you should read before the trade setup for today 1 Sept 2023

 

According to the Ministry of Commerce and Industry, India’s eight core sectors grew at 8.0 percent in July, slightly lower than the 8.2 percent recorded in June. 

The data showed by the Controller General of Accounts on Thursday, that the Indian government’s fiscal deficit widened to 6.06 lakh crore in April-July from Rs 4.51 lakh crore in April-June. The first four months’ fiscal deficit of FY2023-24 accounts for 33.9 percent of the full-year target, it was 20.5 percent for the same period last year.

According to the data shown by the Ministry of Statistics and Programme Implementation (MoSPI), India’s April-June quarter GDP grew at 7.8%, slightly above the economist’s expectation of 7.7% growth on a YoY basis. This is as against 6.1% reported in the January-March quarter.

 

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Happy Investing!!

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