Finance & Economy of the day
Today's Market Outlook: A Flat Start, Eyeing Powell The Indian market is anticipated to open on a relatively flat note, influenced by the upcoming speech from US Federal Reserve Chair Jerome Powell at the Jackson Hole symposium. Overnight, US markets experienced a decline of up to 1.5% following hawkish comments from US policymakers. The Federal Reserve Bank of Kansas City President, Jeffrey Schmid, expressed a need for more data before supporting interest rate cuts. However, there are positive factors to consider. The US Dollar Index has reached a one-year low, and the US 10-Year Treasury yield has remained stable. While the market is expected to be range-bound today, individual stocks could continue to exhibit specific movements. There is a general expectation that Powell's commentary might lean dovish, given the recent decline in US Consumer Price Index (CPI) and Wholesale Inflation. Mid-cap and small-cap stocks are likely to be in focus today. Additionally, the US manufacturing sector's contraction at the fastest pace this year, due to weakness in production, orders, and factory employment, could provide a positive sentiment. Furthermore, the increase in existing-home sales in the US for the first time in five months is another favorable factor. Asian markets Today - Asian equities faced early declines on Friday after markets adjusted wagers on the pace of US interest-rate cuts ahead of Jerome Powell’s Jackson Hole appearance. Stock for Taiwan, Australia and Hong Kong dropped, while Japan Index marginally gain. US market Update - US. stocks ended ...
