Trade Setup for Monday 27 Feb: Stock Market News

 

Trade setup for Monday 27 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 trading lower on Monday, as major indices in the US stock markets recorded their worst week for the year. Nikkei, Hang Seng, and Shanghai are trading lower by 0.24 percent, 0.92 percent, and 0.39 percent respectively. SGX Nifty is trading 33 points down or 0.19 percent at 17509 levels.

The indication getting from the Asian markets is negative. Indian stock market indexes are likely to start on a negative note today.

 

U.S. and European stock market indexes update

 

The US stock market indexes closed sharply lower after a volatile session on Friday, as hot economic data indicated more aggressive interest rate hikes by the Fed in the March meeting. The core personal consumption expenditures (PCE) price index, Fed’s favored inflation gauge jumped in January, its biggest rise since August. 

Personal spending also rose above expectations in January while Michigan’s gauge of consumer expectations revised higher in February. The key US stock market indexes Dow Jones and S&P 500 fell 1.02 percent and 1.05 percent respectively while Nasdaq plunged 1.69 percent on the last final day of the week.

European stock market indexes pared early gains and ended lower on Friday, as investors digested economic data and corporate earnings. The data released on Friday showed that the German economy contracted more than expected in the December end quarter.

The latest survey data showed that British consumer’s sentiments were slightly more positive, while French and German consumer confidence declined slightly in February, hitting the market sentiments on Friday. The pan-European Stoxx 600 declined by 1.04 percent on Friday. The major European stock market indexes CAC and DAX fell 1.81 percent and 1.75 percent respectively while FTSE was down by 0.37 percent on Friday.

 

Indian stock market updates

 

Indian stock markets closed marginally lower amid volatility on Friday. The Sensex and Nifty ended lower for the sixth consecutive session on Friday, the longest losing streak of the year 2023. The market breadth was on the weaker side with the advance decline indicating a ratio of 3:4 at the close. Foreign investors were the net sellers, they sold Rs 1470.34 crore worth of shares while DIIs invested Rs 1400.98 crore on the last day of the week.

 

News you should read before the trade setup for today 27 Feb

 

On Friday, RBI data showed, India’s forex exchange reserves fell by $5.68 billion to $561.27 billion as of February 17. This is the third consecutive week the country’s forex reserves have shown a dip. Last week, the reserve had fallen by $8.319 billion to $566.948 billion.

The National Sample Survey Organisation showed that the unemployment rate for persons aged 15 years and above in Urban areas declined to 7.2 percent during the December end quarter from 8.7 percent recorded in the same period last year. Joblessness was high in October-Decmber 2021 mainly due to the impact of Covid-related restrictions in the country.

 

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You may also like to read, Nifty and Bank Nifty Prediction for Monday 27 Feb 2023

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