Trade Setup for Thursday 14 July 2022: Stock market news
Trade setup for Thursday– Good morning and welcome to the morning reports, the top things to know before the stock market opens today July 14, 2022
Asian stock market indexes are mostly trading in the red on Thursday tracking the negative cues from Wall Street overnight. Nikkei and Hang Seng are trading higher by 0.64 percent and 0.16 percent respectively whereas Shanghai is trading lower by 0.12 percent at 7.30 am IST. The SGX Nifty is trading lower by 49 points or 0.31 percent at 15923 levels.
The indications getting from the Asian markets are negative, Indian stock markets are likely to open in the red. Nifty may open near 15930 levels.
The US and European market indexes update
The US stock market indexes were closed lower on Wednesday due to hotter-than-expected inflation reading. Investors were in fear that Federal Reserve would go more aggressively and hike interest rates to curb inflation. The 10-year-old Treasury note yield ended lower after data showed that consumer prices rose 9.1% the fastest in four decades.
The US market indexes, Dow Jones and S&P 500 fell 0.67 percent and 0.45 percent respectively while Nasdaq was down by 0.15 percent on Wednesday.
European stock market indexes closed lower on Wednesday following the release of US inflation data showing the fastest rise in the annual consumer price index since 1981. Germany Index DAX was down due to selling pressure in retail, construction, and software whereas France CAC was dragged by the Oil & Gas stocks.
By the end of trading on Wednesday, The European market indexes, CAC and DAX were closed lower by 0.73 percent and 1.16 percent respectively while UK’s FTSE was down 0.74 percent on Wednesday.
Indian stock market updates
Indian stock markets closed lower for the third consecutive session. Investors worried about possible recession in the US and preferred to book profit ahead of US inflation data. The benchmark indices, Sensex and Nifty fell 0.69 percent and 0.57 percent respectively. FIIs were the net seller in the equity cash segment, they sold Rs 2839.52 crore, while DIIs bought Rs 1799.22 crore on Wednesday.
Top news you should read before the trade setup for Thursday 14 July 2022.
On Tuesday, Deloitte India said that India is expected to grow by 7.1%-7.6% in FY22-23 and 6%-6.7% in FY23-24. It further told that the higher commodity prices and geopolitical tension are not strong enough to deny the Indian economic rebound given the domestic demand potential. This will ensure that India rules as the world’s fastest-growing economy over the next few years.
The US Consumer Price Index (CPI) inflation for the month of June rose 9.1 percent from the year earlier, as per the data shown by the Labour Department on Wednesday. The CPI inflation was recorded at 8.6 percent in May and in June it accelerated faster than the economist had expected. The inflation was recorded highest in four decades due to higher rising prices of gas, food, and rent.
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