Trade Setup for Friday 10 March: Stock Market News

 

Trade setup for Friday 10 March 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 trading lower on Friday tracking the negative cues from Wall Street overnight. Some cautiousness is also seen, as investors await the US monthly job report later in the day, which could determine the pace of rate hikes in the upcoming meeting. All three major Asian stock market indexes, Nikkei, Hang Seng, and Shanghai are trading lower by 1.10 percent, 1.73 percent, and 0.53 percent respectively.

SGX Nifty is also trading in the deep red, down by 135 points or 0.77 percent and at 17483 levels. The indications getting from the Asian and other global markets are negative. The Indian stock market indexes are likely to open a gap-down and trade negatively today. 

 

U.S. and European stock market indexes update

 

The US stock market indexes fell sharply on Thursday, as investors digested weekly jobless claims data ahead of Friday’s non-farm payroll data. All eyes were on banking stocks, a selloff in SVB Financial due to heavy loss and negative annual guidance amid the impact of higher interest rates, triggered selling pressure across banking stocks at a time when sentiments remain weak.

The combination of the four biggest US Banks lost $47 billion of market value on Thursday due to selling pressure in the banking counter. 

SVB Financial Group shares tanked 60%, while Silvergate’s stock fell 42%. The key US stock market indexes, Dow Jones and S&P 500 fell 1.66 percent and 1.85 percent respectively while Nasdaq was down by 2.05 percent on Thursday.

European stock market indexes closed slightly lower on Thursday, as investors digested more comments from US Federal Reserves Chairman Jerome Powell on the second day of his testimony. The pan-European Stoxx 600 ended lower by 1.9%. Mining stocks posted the biggest decline on Thursday, while food and beverages stocks closed higher

The key European stock market indexes FTSE and CAC closed lower by 0.63 percent and 0.12 percent respectively while DAX closed flat to the positive, up by 0.01 percent only on Thursday.

 

Indian stock market updates

 

Indian stock markets ended sharply lower amid volatility on Thursday. The market sentiments were hit due to fear of interest rate hikes by the US Fed and rising bond yields in the last two sessions. 

The market breadth was weak with the advance-decline indicating a ratio of 2:3 at the close. FIIs were the net sellers, they offloaded shares worth Rs 561.78 crore in the equity segments while DIIs bought Rs 42.41 crore on Thursday.

 

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

 

According to the Centre for Monitoring Indian Economy (CMIE) report, India’s unemployment rate was slightly higher to 7.45% in February from 7.14% in January 2023, taking the total number of unemployed in the country to 33 million as compared to 31.5 million in January. This is mainly due to a significant increase in rural unemployment after it was on a decline in the preceding four months.

Americans filing for the initial jobless claims increased more than 10% to  21,000 to a seasonally adjusted 211000 last week, the labor department said on Thursday. Economists had estimated that the jobless claims to rise slightly to 195,000 last week. The four-week average of weekly claims rose slightly to 197,000.

 

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