Trade setup for Friday 16 Dec– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
Asian stock market indexes are trading lower on Friday following negative cues from Wall Street overnight. The key Asian stock market indexes, Nikkei, Hang Seng, and Shanghai are trading lower by 1.63 percent, 0.42 percent, and 0.20 percent respectively. The SGX Nifty is also trading in the red, down by 63 points or 0.34 percent at 18396 levels at 7.10 am IST.
The indication getting from Asian and other global peers is negative today. The Indian stock market indexes are likely to open in the red today.
The US and European market indexes update
Recession fear mounted Thursday at the US stock market trading floor, as fears intensified that the Fed’s battle against inflation using aggressive interest rate hikes could lead to a recession. The economic data released on Thursday showed a steeper-than-expected decline in retail sales in November. On the other note, the number the unemployment benefits fell last week, indicating a tight labor market.
The key US stock market indexes, Dow Jones and S&P 500 closed lower by 2.25 percent and 2.49 percent respectively while Nasdaq crashes 3.23 percent on Thursday
The European stock market indexes fell sharply on Thursday as interest rates were lifted in Switzerland, Norway, the UK, and the euro area. ECB raised 50 bps and in the post-meeting press conference, ECB chief Christine Lagarde left open the door to several additional 50bp interest rate hikes and sounded hawkish.
The Pan- European Stoxx 600 ended down by 2.85 percent. The key European indexes CAC and DAX fell 3.09 percent and 3.28 percent respectively while FTSE was down by 0.93 percent on Thursday.
Indian stock market updates
Indian stock markets closed sharply lower on Thursday amid weak global cues. The market sentiment was hit due to hawkish comments made by the US Fed chief after the policy meeting outcome on Wednesday. The market breadth was negative with the advance decline indicating a ratio of 2:3 at the close.
FIIs were the net sellers in the equity cash segment while DIIs were the net buyers. FIIs sold Rs 710.74 crore worth of shares while DIIs bought Rs 260.92 crore on Thursday.
News you should read before the trade setup for today 16 Dec
As per the CMIE report in its weekly labor market analysis, listed companies had employed a record 10 million employees in 2021-22 and paid wages to the order of Rs 7L per employee. This is much higher than the average salary of close to Rs 3,00,000 received by all salaried employees employed by listed, unlisted, or big and small enterprises, it said, making a case for a need for larger enterprises in India. A report published in the economic times
According o the data released on 15 December by the commerce ministry, India’s merchandise exports posted a marginal increase of 0.6% in November to $31.99 billion on a YoY basis. The imports also posted a 5.4% rise to $55.88 billion and the merchandise trade deficit fell to $23.89 billion in November, the lowest in seven months.
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