Trade setup for Wednesday 12 July 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 mixed on Wednesday, as investors are in a cautious mood ahead of duo inflation data from the US later this week. Nikkei. Kospi and Shanghai are trading lower by 1.15 percent, 0.22 percent, and 0.20 percent respectively while Hang Seng is trading higher by 0.43 percent at 7.10 am IST.
Gift Nifty is trading flat to negative, down by 12 points or 0.06 percent at 19524 levels. The indication getting from the Asian markets is mixed today. Indian stock market indexes are likely to open flat today and remain volatile as domestic as well as US CPI inflation readings are expected later in the day.
U.S. Stock Market Indexes update
The US stock markets closed higher on Tuesday ahead of the key inflation data later this week. Investors are hoping that cooling inflation data will convenience Fed to become less hawkish. Energy stocks gained as oil prices rose on the expectation of demand improvement from China after targeted stimulus measures were taken for developers on Tuesday.
Industrial stocks rallied after Bank of America upgraded 3M Company, the share prices of 3M jumped nearly 5% on Tuesday. Banking stocks gained as major US banks will kick off the earnings season on Friday. The e-commerce giant Amazon gained over 1% as the company is starting its “Prime Day” promotional activity this week.
The key indexes in the US stock markets, Dow Jones and S&P 500 gained 0.93 percent and 0.67 percent respectively while the tech-heavy Nasdaq was up by 0.55 percent on Tuesday.
European Stock Market Indexes Updates
European stock market indexes closed higher on Tuesday following the gains from Asian markets after China announced stimulus for its developers. The UK’s FTSE erased losses and managed to close in the green, as investors digested higher wage growth reports. The upside remains capped in the markets, as investors remain cautious ahead of the key US inflation data expected later this week.’
The latest report showed that the key U.K. mortgage rate climbed to its highest rate since 2008. Earlier in the morning, the data showed the ZEW German economic sentiment indicator fell to negative territory in July, below market expectations. At close. almost all major sectors ended in the green on Tuesday, mining stocks led the gains followed by construction and material stocks while healthcare stocks ended slightly lower.
The pan-European Stoxx 600 index closed higher by 0.7 percent. The key European stock market indexes CAC and DAX gained 1.06 percent and 0.74 percent respectively while UK’s FTSE was up by 0.12 percent on Tuesday.
Indian Stock Market Indexes
Indian stock market indexes closed higher for the second consecutive day on Tuesday. The market sentiments were upbeat due to positive global cues. However, markets trimmed some gains in the second half, as profit booking was witnessed at a higher level in financial and banking stocks.
The market breadth was positive with the advance decline indicating a ratio of 2:1 at the close. FIIs were the net buyers in the Indian equity cash segment, they bought shares worth Rs 1197.38 crore while DIIs sold shares of just Rs 7.25 crore on Tuesday.
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