Global Markets:
- Asian Stock Markets : Nikkei up 0.16%, Shanghai Composite down 1.26%, Hang Seng up 0.62% ASX up 0.28%
- Commodities : Gold at $5,006.86 (-0.78%) Silver at $75.260 (-3.47%), Brent Oil at $67.81 (0.07%), WTI Oil at $62.80 (0.05%)
- Rates : US 10-year yield at 4.043, UK 10-year yield at 4.4180, Germany 10-year yield at 2.7573
News & Data:
- (USD) Core CPI m/m 0.3% to 0.3% expected
- (USD) CPI m/m 0.2% to 0.3% expected
- (USD) CPI y/y 2.4% to 2.5% expected
Markets Update:
Indian shares are expected to open cautiously on Monday, even as softer U.S. inflation data strengthened expectations that the Federal Reserve may begin cutting interest rates later this year. Investors will closely monitor crude oil price movements, foreign institutional investor flows, and the release of minutes from both the U.S. Federal Reserve and the Reserve Bank of India’s Monetary Policy Committee meetings for further direction.
Diplomatic developments between India and the United States regarding India’s crude oil imports from Russia have also drawn attention. U.S. Secretary of State Marco Rubio stated that India had agreed to halt additional purchases of Russian crude oil. However, External Affairs Minister S. Jaishankar reiterated that India remains committed to its “strategic autonomy” and will prioritize national interests in its energy decisions.
Asian markets traded mostly lower in thin volumes, with China, South Korea, and Taiwan closed for Lunar New Year holidays, while U.S. markets remain shut for Presidents’ Day. Gold edged lower, while the dollar and oil prices were largely steady amid geopolitical uncertainties and reports that OPEC may resume oil output increases from April.
Meanwhile, the United States and Iran are set to hold further talks on Tehran’s nuclear program, with Israeli Prime Minister Benjamin Netanyahu urging firm action.
U.S. stocks ended mixed Friday as Treasury yields declined after inflation eased to 2.4 percent, boosting rate-cut hopes. European markets also ended mixed.
Upcoming Events:
- 01:30 PM GMT – CAD Manufacturing Sales m/m
