Trade Setup for Friday 18 Aug: Stock Market Today
Trade setup for Friday 18 Aug 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 market indexes are trading lower on Friday following the negative cues from Wall Street overnight and a new blow to China’s property sector. Nikkei is trading lower by 0.47 percent as Japan’s headline inflation came at 3.3% in July unchanged from June’s reading. However, the core inflation fell to 3.1% from 3.3% in line with the expectations.
Chinese real estate giant Evergrande has filed for bankruptcy protection in a U.S. bankruptcy court. Shanghai index is trading higher by 0.26 percent on stimulus hope, while Hang Seng is trading lower by 0.40 percent. South Korea’s Kospi is also trading lower by 0.50 percent at 7.05 am IST
Gift Nifty is trading marginally higher by 14 points or 0.07 percent at 19297 levels. The indication getting from the Asian markets is negative today. Indian stock market indexes are likely to open on a cautious note and trade negatively.
U.S. Stock Market Indexes Update
The US stock market indexes closed lower on Thursday, as shares of Walmart falls despite upbeat quarterly earnings and a spike in Treasury yields due to renewed fear of interest rate hikes later this year. Treasury yields continued to climb, it was closed at 4.284% after touching a high of 4.329% on Thursday.
On the economic front, weekly jobless claims came lower than expected indicating a strong labor market. Meanwhile, the Philadelphia manufacturers index came much higher than expected in August.
Cisco Systems gained more than 3% after the computer networking company reported better quarterly earnings, while Wolfspeed fell around 17% after the company reported wider-than-expected quarterly losses and weak annual guidance.
The key US stock market indexes, Dow Jones and S&P 500 fell 0.84 percent and 0.77 percent respectively while Nasdaq was down 1.17 percent on Thursday at close.
European Stock Market Indexes Updates
European stock markets closed lower on Thursday after US Fed hints further rate hikes to tame inflation. Swedish gaming group Embracer jumped around 12% to top the index after giving its full-year guidance in the quarterly results. Meanwhile, the share price of Dutch payment firm Adyen fell 28% on Thursday after the company’s quarterly earnings missed expectations.
The pan-European Stoxx 600 index closed lower by 0.92%. Industrials stocks fell followed by tech, while basic resources and oil & gas stocks closed in the green. The major European stock market indexes, CAC and DAX closed lower by 0.95 percent and 0.72 percent respectively while UK’s FTSE was down by 0.64 percent.
Indian Stock Market Indexes
Indian stock market indexes ended the volatile session on Thursday with moderate losses. The market sentiments were downbeat due to weak global cues. Investors remained sidelined, as US Fed signaled another interest rate hike this year and weak economic data in China.
The market breadth was almost flat with the advance decline indicating a neutral ratio at the close. FIIs and DIIs were net sellers in the Indian equity cash segments on Thursday. FIIs offloaded shares worth 1510.86 crore while DIIs sold shares worth Rs 313.97 crore.
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