Stock Market Update: Indian equities started the day lower due to conflicting signals from U.S, on Wednesday. economic data on growth trajectory, oil prices that were close to a three-week high, and news of an increase in COVID-19 cases in China.
Trade deficit decreased
Information technology stock losses came to about 1% across the majority of the key sectoral indexes. Data showed that the trade deficit decreased from $98.8 billion in October to $83.35 billion in November. This led to a decline in Wall Street stocks as the market closed.
The evidence of economic strength raised more doubts about the U.S. Federal Reserve’s ability to stick to its rate-hike plan.
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U.S. bond yields rose
Concerns were also raised by a different survey in stock Market Today that revealed a decline in home values, a sign that the housing market was having difficulties. U.S. bond yields rose as investors tried to assess the Fed’s rate-hike path following the mixed data and China’s decision to scale back some of its COVID-related restrictions.
Asian markets were mixed
The MSCI Asia ex-Japan index increased 0.11% as Asian markets were mixed, according to reports that China’s hospitals were under a lot of stress due to an increase in COVID-19 cases.
Stock Market Update: Demand of oil
Oil prices, which were near a three-week high on expectations of a resurgence in Chinese demand, added to the concerns for domestic equities. Oil-importing nations like India, where crude makes up the majority of the country’s import bill, are harmed by higher oil prices.
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