Trade Setup for Monday 7 Aug: Stock Market Today
Trade setup for Monday, 7 Aug 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 lower on Monday, as investors are looking for more economic data from the region during the week. China will be releasing Trade data and Inflation rate later this week, while Thailand’s July inflation data, and Indonesia’s second-quarter growth data due later in the day.
Nikkei is trading lower by 0.31 percent, as BoJ released the summary of opinions on Monday showing that the members debated growing prospects of sustained inflation at their July meeting. Kospi erased early gains and is trading lower by 0.23 percent. Shanghai and Hang Seng are also trading lower by 0.68 percent and 0.48 percent respectively at 7.10 am IST.
Gift Nifty is trading slightly higher by 13 points or 0.07 percent at 19602 levels. The indication getting from the Asian stock markets is negative. Indian Stock Market Indexes are likely to open on a cautious note and trade below neutral lines in most parts of the session.
U.S. Stock Market Indexes update
The US stock market indexes erased their early gains and closed lower for the fourth consecutive day on Friday. The job reports showed that the employer added 187,000 jobs in July, which came below the 200,000 expectations. The unemployment rate in July has been reported to edge lower to 3.5 percent from 3.6 percent in June. While the average hourly wages came slightly higher by 0.4 percent in July, ahead of 0.3 percent expectations.
The US 10-year-old Treasury yield fell slightly after the latest job report was announced. The e-commerce giant- Amazon jumped around 9 percent, beating the quarterly results and positive guidance while Apple lost around 3%, as quarterly results disappoint. The key US stock market indexes, Dow Jones and S&P 500 declined 0.43 percent and 0.53 percent respectively while Nasdaq was down 0.36 percent on Friday.
European Stock Market Indexes Updates
European stock market indexes closed higher on Friday, snapping three consecutive days of losses. The market sentiments were upbeat, as US job reports for July indicated a potential pause in the Federal Reserve interest rate. The latest data showed that the eurozone construction PMI declined sharply in July.
German factory orders rose 7% in June, as compared to the previous month, beating expectations of a 2% fall. The retail sales data in Eurozone dropped by 0.3% on MoM in June, below the expectation of a 0.3% rise. On the earnings front, Credit Agricole shares gained around 6% after positive quarterly results, while the advertising giant WPP fell around 3% after cutting its growth forecasts as first-half profits fall.
The pan-European Stoxx 600 index gained 0.29 percent on Friday. The other major European indexes CAC and DAX gained 0.75 percent and 0.37 percent respectively, while UK’s FTSE was up by 0.47 percent.
Indian Stock Market Indexes
Indian stock market indexes made solid gains on Friday. The domestic markets bounced back after a fall in the previous three sessions. The Indian markets gained as the global markets steadied after a sharp fall due to the US downgrade. Investors bet on heavyweight stocks like HDFC Bank, Reliance, and Infosys on Friday.
The market breadth was strong with the advance decline indicating a ratio of 5:2 at the close. FIIs were the net sellers, they offloaded shares worth Rs 556.32 crore while DIIs were the net buyers, they bought shares for Rs 366.61 crore on Friday.
Quarterly Earnings (Q1FY24)
PB Fintech, Barbeque-Nation Hospitality, Bayer CropScience, Emami, Eris Lifesciences, Gland Pharma, Godrej Consumer Products, India Cements, Indigo Paints., Ramco Cements, Ramco Systems, RateGain Travel Technologies, Sobha, Sun Pharma Advanced Research Company, Tata Chemicals, Torrent Pharmaceuticals, Ujjivan Financial Services, ITD Cementation India, Krishna Institute of Medical Sciences, Medplus Health Services, Olectra Greentech, Paras Defence and Space Technologies, and Whirlpool of India and others will announce their Q1FY24 quarterly earnings on Aug 7.
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