Mumbai: Indian equity markets are likely to open on a flat note on Thursday tracking mixed global cues. US markets ended higher on Wednesday while Asian shares were mixed today. As of 8:25 am, SGX Nifty was down 25 points or 0.21% at 11,108, indicating flat opening for markets. Here are the global cues to track before going into trade today.
Stocks rose on the back of strong Disney earnings and coronavirus vaccine hopes. The Broader market almost reached record levels set earlier this year. The S&P 500 advanced 0.6% to 3,327.77 while The Nasdaq climbed 0.4% to 10,998.40. The Nasdaq briefly broke above 11,000 for the first time and posted a six-day winning streak. The S&P 500 closed higher for a fourth straight day. The Dow also posted a four-day winning streak, rallying 373.05 points, or 1.4%, to 27,201.52. Monday’s gains put the S&P about 2% below a record set on Feb 19. The broader market index has rallied more than 50% since March 23- rally led by large tech stocks such as Facebook, Amazon, Netflix, Apple, Alphabet and Microsoft.
Stocks in Asia Pacific traded mixed Thursday morning. Investors continued to watch tensions between the US and China. The Nikkei 225 slid 0.26% in early trade while the Topix index shed 0.33%. South Korea’s Kospi advanced 0.96%. Australia edged higher as the S&P/ASX 200 gained 0.32%. Overall, the MSCI Asia ex-Japan index traded 0.2% higher.
Stocks closed higher on Wednesday as investors digested another round of major corporate earnings. But weaker-than-expected euro zone economic data capped gains. The Stoxx 600 closed up by 0.5%, paring earlier gains. July’s final euro zone PMI reading came in at a modest 56.5.
Oil prices rose to their highest since early March on Wednesday. A large decline in US crude inventories and the dollar weakened. However, coronavirus infections had investors worried about the demand outlook. Brent crude was up 70 cents, or 1.6%, at $45.13 a barrel. WTI oil settled 49 cents, or 1.18%, higher at $42.19 per barrel
Gold prices rocketed to a new record high on Wednesday after smashing past $2,000 for the first time. Weaker dollar and falling returns on US bonds drove investors to the safe-haven. Gold has soared 34% this year and is one of 2020′s best-performing assets. Spot flew above $2,000 hitting a new high of $2,055.10. Spot gold was up 1% at $2,037.81 by the end of day. US gold futures climbed 1.4% to $2,048.30