Trade Setup for Wednesday 6 July 2022: Market News
Trade setup for Wednesday– Good morning and welcome to the morning reports, the top things to know before the stock market opens today July 6, 2022
Asian markets are trading negative on Wednesday tracking mixed global cues. Nikkei and Hang Seng are trading lower by 1.26 percent and 0.65 percent respectively while Shanghai is trading lower by 0.66 percent at this moment. The SGX Nifty is trading higher by 40 points or 0.25 percent at 15806 levels.
The indication getting from the Asian markets is negative. Indian stock market indexes are likely to open on a flat note today, with a slight change on either side.
The US and European market Indexes update
The US stock markets opened a gap-down on Tuesday after returning from the long weekend. The market indexes closed mixed on Tuesday, as two of the three major indexes erased all losses and rallied in the last hour. Oil prices fell sharply on investors’ concerns that slow economic growth could control energy consumption.
The US market indexes, S&P 500 and Nasdaq recovered all losses and closed higher by 0.16 percent and 1.75 percent respectively. Dow Jones trimmed some early losses and closed lower by 0.42 percent on Tuesday.
European stock market indexes closed sharply lower on Tuesday, as worries about inflation and a global slowdown returned to rattle investors. Euro sank to its weakest level against the dollar since late 2002. The markets closed lower despite the growth in the services sectors reported stronger than expected in June.
Even the news that US President Biden could be rolling back some of the tariffs imposed on China during the Trump era failed to boost the market sentiments. The European market indexes FTSE and DAX fell 2.86 percent and 2.91 percent respectively while the CAC was down by 2.68 percent on Tuesday.
Indian stock market updates
Indian stock markets erased all early gains and closed marginally lower on Tuesday amid volatility. The benchmark indices, Sensex and Nifty closed lower by 0.19 percent and 0.15 percent respectively. The broader markets also closed marginally lower in line with their larger peers. Surprisingly, FIIs were the net buyers, they bought Rs 1295.84 crore while DIIs were the sellers they sold Rs 257.59 crores in the equity cash segment on Tuesday.
Top news you should read before the trade setup for Wednesday 6 July 2022.
The data released by the Centre for Monitoring Indian Economy (CMIE) showed that the country’s unemployment rate has risen to 7.80 percent in June. The report said that there is a loss of 13 million jobs mainly in the agriculture sector. According to the CMIE report, the massive fall in the number of jobs last month was triggered by a higher unemployment rate in rural areas, which went up to 8.03 percent from 6.62 percent in May. The numbers were slightly better in urban areas, it was 7.30 percent compared to 7.12 percent recorded in May.
The slide in crude oil prices continued on Tuesday amid growing recession fears. The Brent crude oil September futures dropped more than 10% on Tuesday on a possible global recession. Investors feel that demand will curtail and outweigh the supply disruption fears, as highlighted by an expected production cut in Norway. The Brent crude oil price, September future is trading at $ 104 per barrel, up nearly 2 percent from yesterday’s close, on Wednesday early morning.
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