Trade Setup for Thursday 1 June: Stock Market Today

 

Trade setup for Thursday 1 June 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 market indexes are mostly trading lower on Thursday, as investors remain cautious ahead of the manufacturing activity data for China, Japan, South Korea, and several other Asian countries. The US debt ceiling bill passes in the House overnight, ahead of a default deadline.

Nikkei and Hang Seng are trading higher by 0.18 percent and 0.68 percent respectively. Shanghai and Kospi are trading lower by 0.08 percent and 0.30 percent respectively. SGX Nifty is trading lower by 57 points or 0.31 percent and at 18607 levels at 7.20 am IST

The indication getting from the Asian stock market is slightly negative. The Indian stock market indexes are likely to open flat and trade positively today. 

 

U.S. Stock Market Indexes update

 

The US stock market indexes closed lower on Wednesday, as investors remain cautious ahead of the crucial vote on the debt ceiling deal set to take place in the House of Representatives later in the evening. Weakness in tech and retail stocks also dragged the markets on Wednesday. 

On the economic front, the latest labor turnover data showed a surprising strength in job openings in April as compared to the previous month. However, the downside was limited, as two Fed officials confirmed that the central bank could pause the interest rate hikes in a June policy meeting.

Energy stocks continued to slip, as the WTI crude prices fell below $70 per barrel ahead of the OPEC+ meeting, which is scheduled on 4 June. The key US stock market indexes Dow Jones and S&P 500 fell 0.41 percent and 0.61 percent respectively while tech-heavy Nasdaq was down by 0.63 percent on Wednesday.

 

European Stock Market Indexes Updates

 

European stock market indexes closed lower on Wednesday, as investors remained concerned ahead of the US  debt ceiling deal ahead of the June 5, deadline and the weak economic data from China. The pan-European stock market index Stoxx 600 closed lower by 1.1% with all sectors closed in the negative territory, Auto stocks fell the most followed by chemical stocks.

A flash inflation data on Wednesday showed that France’s inflation cooled to 6% in May down from 6.9% in April. German inflation fell to its lowest point in May since March 2022, reaching 6.1% year-over-year, down from 7.2% in April, while the unemployment rate remain stable. 

The key European stock market indexes, CAC and DAX declined by 1.56% while FTSE was down by 1.02 percent on Wednesday.

 

Indian Stock Market Indexes

 

Indian stock market indexes closed lower on Wednesday, following the negative cues from Asian markets. The market sentiments were negative due to weak economic data released in China and to some cautiousness ahead of the US debt ceiling vote and India’s GDP number. 

The market breadth was slightly positive with the advance decline indicating a 4:3 ratio at the close. FIIs were the net buyers and they bought shares worth Rs 3405.90 crore while DIIs offloaded Rs 2528.52 crore on Wednesday.

 

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

 

On Wednesday, the Ministry of Statistics and Programme Implementation (MoSPI) showed the data that, India’s gross domestic product (GDP) grew at 6.1% in the March 2023 end quarter, beating all estimates of Q4FY23 GDP numbers. SBI research estimated the highest growth of 5.5% for Q4FY23. For the full financial year, the growth is now estimated to be 7.2%.

On Wednesday, the International Labour Organisation (ILO) said, global unemployment is expected to fall below pre-pandemic levels to 5.3% or 191 million in 2023, and low-income countries may remain far behind in the recovery process.

The eight key infrastructure sectors slowed their production growth down to a six-month low of 3.5 percent in April 2023, as the output of crude oil, natural gas, refinery products, and electricity declined.

 

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