Wednesday, September 02
A gauge of global equities held firm after four days of gains, following a recovery fueled by bets that the Federal Reserve will cut interest rates faster than previously thought.The MSCI All Country World Index was little changed after trimming its drop for November to 0.4% in the prior sessions. The gauge had been down nearly 4% for the month just over a week ago. European and Asian benchmarks posted modest moves, with US markets closed for Thanksgiving. S&P 500 futures were steady. In another sign that risk appetite is returning, Bitcoin traded above $91,000 for the first time in a week. The dollar paused a two-day retreat.The moves in stocks tracked firming expectations for Fed easing, with money markets pricing in roughly an 80% chance of a quarter-point cut next month and leaning
The bullish undertone in Nifty is expected to sustain after the index hit a fresh intraday record on Thursday, though upside was capped by profit-taking. ET spoke to three chartists on what’s in store for traders and what they should do.RAJESH PALVIYA, HEAD OF TECHNICAL AND DERIVATIVES RESEARCH, AXIS SECURITIES What next?We anticipate the Nifty to maintain its strong upward trajectory, with the index likely advancing toward the 26,500 mark in the coming sessions. While Thursday witnessed some profit-booking at higher levels, it is not expected to trigger a meaningful correction.What should you do?Traders may consider holding their existing positions while trailing stop-loss levels higher to the 26,050–26,100 range, with a continued focus on outperforming sectors such as banking and
India’s equity indices hit an all-time high on Thursday after a gap of 14 months, with the Sensex crossing 86,000 and the Nifty breaking above 26,300 for the first time. Though gains were capped after Wednesday’s momentum fizzled out, investors are pinning hopes on the US-India trade deal and a decline in foreign investor selling to push the markets higher in the foreseeable future.The NSE Nifty ended at 26,215.55 after reaching an intraday high of 26,310.45, closing 10.25 points higher. The BSE Sensex ended at 85,720.38, up 0.13% or 110.87 points. Both indices, which had gained over 1% on Wednesday on hopes of a US rate cut in December, rose as much as 0.5% earlier in the trading session on Thursday.More Upsides Likely“While markets have crossed the psychological mark of its previou
Asian stocks wobbled at the open on Friday as the sharp rebound in global equities over the past week showed signs of losing momentum.Indexes opened lower in South Korea and Japan, while Australia edged higher as equities struggled for direction following the US Thanksgiving holiday. A gauge of global stocks was flat, but remained on course for its best week since June as investors cheered signs of Federal Reserve interest-rate cuts.Chinese stocks will be in focus after JPMorgan Chase & Co. raised its recommendation to “overweight,” stating that the prospect of large advances next year outweighs the risk of significant losses.Global stocks have gained this week as investors firm up bets on a Fed easing, with futures pricing in roughly an 80% chance of a quarter-point cut next month
