Trade setup for Tuesday 13 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 higher following the gains from Wall Street overnight. The major indexes are trading positively ahead of US inflation data on Tuesday, as the latest New York Fed survey showed that the annual inflation is declining to a two-year low. Nikkei and Kospi are trading higher by 1.51 percent and 0.32 percent respectively. Meanwhile, Hang Seng and Shanghai are trading lower by 0.48 percent and 0.19 percent respectively.
SGX Nifty is trading higher by 45 points or 0.24 percent at 18743 levels. The indication getting from the Asian markets is slightly on the positive side. The strong domestic economic data and positive global cues are likely to support the Indian markets on Tuesday. The Indian stock market indexes are likely to open higher and trade volatile.
U.S. Stock Market Indexes update
The US stock market indexes made a strong start to the week on Monday. The S&P 500 index ended at the highest level in more than a year now, as investors are looking for fresh inflation data and Federal Reserves interest rate decisions. Tech stocks continue to climb ahead of the crucial Fed rate decision on Wednesday, Apple, Alphabet stocks led the gain.
Consumer stocks also supported the broader-market rally, as Carnival Corporation gained after JPMorgan upgraded the stock. Chip stocks continued to gain with AI optimism, as Advanced Micro Devices Inc was up 8%. The US stock market key indexes, Dow Jones and S&P 500 gained 0.56 percent and 0.93 percent respectively while the tech-heavy Nasdaq was up by 1.53% on Monday.
European Stock Market Indexes Updates
European stock markets closed higher on Monday ahead of major central banks-US Fed, Europe ECB, and Bank of Japan interest rate decisions. Among the sectors, the Auto sector led the gains while Oil & Gas and Mining stock fell the most in the Eurozone area on Monday. The share price of UBS closed higher after the lender announced that it had completed the takeover process of Credit Suisse.
The pan-European Stoxx 600 index ended slightly higher by 0.2 percent. The key indexes CAC and DAX closed higher by 0.51 percent and 0.92 percent respectively, while FTSE was up by 0.11 percent on Monday.
Indian Stock Market Indexes
Indian stock markets ended slightly higher on Monday amid positive global cues. The domestic markets traded range-bound ahead of the CPI and IIP data on Monday. Traders prefer to say on the sideline ahead of the Central Bank-Fed, ECB, and BoJ interest rate decisions during the week.
The market breadth was positive as advance-decline indicating a 2:1 ratio at the close. FIIs were the net sellers while DIIs were the buyers in the Indian equity markets. FIIs offloaded shares worth Rs 626.62 crore while DII bought Rs 1793.85 crore on Monday.
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News you should read before the trade setup for today 13 June 2023
The Ministry of Statistics and Programme Implementation (MoSPI) on June 12 showed that India’s CPI-based inflation fell 4.25% in May from 4.70% in April. May’s CPI inflation was recorded at 25 months low and below expectations of 4.4%.
The Industrial activity data released by MoSPI showed that the output grew by 4.2% in April. The country’s Index of Industrial Production (IIP) was recorded at a five-month low of 1.1% in March, while in the same period last year, it was recorded at 6.7%.
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