Softness in Gift Nifty, American market and Asian markets

Fluctuations continue in the global market. GIFT Nifty is trading with a decline of 70 points. Weakness is also being seen in Asian markets. There is pressure in the market ahead of the US Federal Reserve’s decision on interest rates today.

condition of American markets

There was a bearish trend in the American stock markets yesterday.

• The Dow Jones closed with losses for the ninth consecutive day. Dow Jones has fallen by 1600 points in the last 9 sessions.
• This is the first time since 1978 that the Dow Jones has fallen for 9 consecutive days.
• Nasdaq also closed with losses due to pressure in tech stocks.
• Profit booking was seen in Broadcom after 38% rise in two days.
• Nvidia’s stock has fallen 7% in a month.
• Before the Fed’s decision, the 10-year bond yield and the dollar remained stable.

Fed’s decision on interest rates

Fed Chairman Jerome Powell will decide on interest rates today. Inflation is still above the Fed’s 2% target.

• PCE (Personal Consumption Expenditure) for October stood at 2.5%.
• BoFA estimates that the Fed may make three interest rate cuts of 0.25%.
• At the same time, Morgan Stanley says that the cuts may stop after seeing the retail sales figures in January.

Focus on other central banks

• The Bank of England will decide on interest rates on 19 December.
• Inflation figures in Britain will be released today.
• The Central Bank of Chile has cut the interest rate for the third time by 0.25%.
• Brazil’s currency has reached a record low against the dollar.
• The Japanese yen is in decline for the sixth consecutive day.

keep an eye on auto sector

• There is a possibility of talks regarding merger between Honda and Nissan.
• Due to this news, Nissan Motor shares rose by 11% yesterday, due to which the market has its eyes on this sector.

condition of asian markets

Today mixed trends are being seen in Asian markets.

• GIFT Nifty: Trading with a gain of 73.50 points.
• Nikkei: Trading down 0.56% at 39,144.19.
• Straits Times: With a weakness of 0.34%.
• Taiwan: Up 0.09% at 23,038.17.
• Hang Seng: 0.69% higher at 19,836.03.
• Kospi: is trading up by 0.87%.
• Shanghai Composite: up 0.65% to trade at 3,383.44.