Trade Setup for Friday 10 Feb: Stock Market News

 

Trade setup for Friday 10 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 mostly trading lower on Friday tracking negative cues from the US stock markets overnight. Nikkei is trading higher by 0.70 percent at 7.25 am IST. Hang Seng and Shanghai are trading lower by 0.68 percent and 0.09 percent respectively despite China’s January inflation data showing slightly cooler-than-expected this morning. SGX Nifty is trading lower by 95 points or 0.53 percent at 17835 levels.

The indication getting from the Asian markets is negative today. The Indian stock market indexes are likely to open in the red today.

 

U.S. and European stock market indexes update

 

The US stock market indexes pared early gains and closed lower on Thursday, as an ongoing selloff continued in Alphabet stock. The  Treasury yields rose after an auction of 30-year bonds went poorly and overshadowed strong corporate results announced by Disney and PepsiCo.

All three key US stock market indexes ended in the red on Thursday, Dow Jones and S&P 500 were down by 0.73 percent and 0.85 percent respectively while Nasdaq ended lower by 1.02 percent.

European stock markets closed higher for the third consecutive session on Thursday as cooling inflation in Germany and a slew of strong earnings offset concerns over hawkish comments by the US Fed officials that alleviated fears of recession. Investors are now on hopes that European Central Bank may ease the interest rate hikes due to declining inflation.

The Pan-European Stoxx 600 gained by 0.6% at the close on Thursday. The key European stock market indexes, CAC and DAX gained 0.95 percent and 0.75 percent respectively while FTSE was indeed higher by 0.33 percent at the close.

 

Indian stock market updates

 

Indian stock markets traded rangebound and closed marginally higher on Thursday amid negative global cues. The domestic markets traded sideways and broader markets closed almost flat. 

The market breadth was almost flat with the advance-decline indicating a neutral ratio at the close. The FIIs and DIIs both were net sellers on Thursday’s session, FIIs offloaded Rs 144.73 crore worth of shares while DIIs sold Rs 205.25 crore on Thursday

 

Q3 Results Today

 

Mahindra and Mahindra, ABB India, PB Fintech, Abbott India, Alkem Laboratories, Ashoka Buildcon, AstraZeneca Pharma, BEML, BHEL, Dilip Buildcon, Delhivery, EIH, Glenmark Pharmaceuticals, JK Lakshmi Cement, KFin Technologies, Lemon Tree Hotels, Metropolis Healthcare, NALCO, Info Edge India, and Oil India will announce their third-quarter results on 10 Feb

 

News you should read before the trade setup for today 10 Feb

 

Despite softening of consumer inflation for two straight months, the inflation expectation of households rose for three months ahead period as well as for the one-year ahead expectations remained unchanged to double-digit levels of 10.8 percent from November 2022, the Reserve Bank’s latest survey on households’ inflation expectations indicate.

The US jobless claim increases by 13000 to 196000. According to the Labor Department, the number of Americans filling for the jobless claims last week was more than expected. The underlying trend continued to indicate a tight labor market in the US.

 

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