Trade Setup for Friday 17 Feb: Stock Market News

 

Trade setup for Friday 17 Feb 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens today

Asian stock market indexes are mostly trading in the red on Friday following losses from Wall Street overnight. The key indices, Nikkei and Hang Seng are trading lower by 0.55 percent and 0.44 percent respectively while Shanghai is trading higher by 0.23 percent at 7.20 am IST.

The SGX Nifty is trading lower by 79 points or 0.44 percent at 17988 levels. The indications getting from the Asian stock markets are negative. Indian stock markets are likely to start lower today.

 

U.S. and European stock market indexes update

 

The US stock market indexes closed lower on Thursday, as the supplier prices rose more than expected in January and jobless claims were historically low in the last week. This points to a tight labor market and suggests that the Federal Reserve could become aggressive in their next meeting in March to bring down the demand.

Fed’s St. Louis President James Bullard’s comment on a 50 bps rate hike in March after the data was released triggered a selloff on Thursday, Treasury yield jumped and stocks fell sharply. The US equity benchmarks Dow Jones and S&P 500 fell 1.26 percent and 1.38 percent respectively while Nasdaq declined 1.78 percent on Thursday.

European stock market indexes closed slightly higher on Thursday as investors digested the US Retail Sales data which showed continued strength in the US economy. The pan- European indexes Stoxx 600 gained 0.2% at the end. Market sentiments were upbeat through the morning, as France’s CAC 40 index hit an all-time intraday high. 

However, the equity benchmarks traded in the red through most of the afternoon, after US markets opened lower. At the close, the key European stock market indexes, FTSE and DAX closed higher by 0.18 percent each while CAC closed higher by 0.89 percent on Thursday.

 

Indian stock market updates

 

Indian stock markets closed almost flat to positive amid volatility on Thursday. The market sentiments were positive in the morning as the investors digested the strong US retail data. However, profit booking in the Banking and financial services stocks in the second half trimmed the gains and closed slightly higher. 

The market breadth was strong with the advance-decline indicating a ratio of 1: 2 at the close. FIIs and DIIs were both the net buyers in the equity cash segments, FIIs bought Rs 1570.62 crore with shares while DIIs were also the next buyers, they bought Rs 1577.27 crore

 

News you should read before the trade setup for today 17 Feb

 

The US stock markets fell early Thursday after wholesale price inflation rose more than expected, and investors fear further interest rate hikes by Federal Reserves. The producer price index (PPI), a measure of wholesale inflation, bounced 0.7 percent in January from December, above market estimates of 0.4 percent.

According to Skymet the rising higher temperature in the second half of February is a cause for concern for the wheat crop in the country ahead of the harvests starting in March. The private weather forecast agency Skymet has said that the temperatures across all major wheat-growing states in the country at present remain 2-3 degrees higher than normal and every degree rises in temperature causes exponential damage to crops. Read the full article in the economic times

 

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Happy Investing!!

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