Indian indices are expected to start the week on a positive note on Monday. This week, investors will be closely watching the Economic Survey and the Union Budget, which will be presented by Finance Minister Nirmala Sitharaman on Monday and Tuesday respectively, along with other domestic and global cues.
Dollar nears 18-month high before bumper central bank week
The dollar was close to a one-and-a-half-year high against the euro on Monday, with volatility in equity markets expected to push it higher in the near term as traders eyed upcoming Australian, UK and European central bank meetings Were.
The euro was at $1.1148, lower than last Friday’s low of $1.1119, its weakest since June 2020. The Australian dollar was at $0.6991, close to Friday’s 18-month low, while the sterling was at $1.34015, near a one-month low. Week.
Economic survey to be presented today
The Economic Survey 2021-22 will be presented by Finance Minister Nirmala Sitharaman in the Lok Sabha on January 31, while the budget will be presented on February 1 at 11 am.
Budget session of Parliament will start from today
The Budget Session of Parliament will begin from today with President Ram Nath Kovind addressing both the Houses in the Central Hall.
On February 1, Finance Minister Nirmala Sitharaman will present the Union Budget for the year 2022-23.
The Lok Sabha Secretariat on Sunday said the budget session of Parliament will begin on Monday and end on April 8, with the first part of the session lasting till February 11.
“There will be an interval from February 12 to March 13, during which the Standing Committees will examine the Demands for Grants of the Ministries/Departments and prepare reports thereon. In all, there will be 29 sittings; the first part will have ten and the 19th part. The second part, “The press release of the Lok Sabha Secretariat said.
Oil prices rise in Ukraine in the week’s open, demand outlook
Oil markets started the week on signs of continued global demand and continued tensions over Ukraine, putting Brent on course for its best January performance in at least 30 years.
The global benchmark rose 1.4%, based on six straight weekly gains, which saw prices hit their highest level since 2014. West Texas Intermediate advanced above $88 a barrel after climbing 2% last week.
With thousands of Russian troops crowding near Ukraine, there are concerns that Moscow might order an invasion, potentially increasing the energy flow. According to the Pentagon, Moscow further raised military levels over the weekend. This crisis will be discussed in the United Nations Security Council on Monday.
SGX Nifty up 0.73% at 17,243
The Singapore index indicates a positive start to the crucial Budget week for the Indian indices.
Stocks, futures mixed amid odds from Fed, China
Mixed Asian equities and US equity futures traded lower on Monday after a Federal Reserve official flagged the possibility of a sharper interest rate hike and Chinese data indicated slower growth.
Shares rose in Japan but declined in Australia and were volatile in Hong Kong. The subsequent trading session has been cut short due to the Lunar New Year holiday, while China is among the exchanges to close.
Fed Atlanta branch president Rafael Boustik told the Financial Times that 50 basis-point increases, or hikes, at each policy meeting this year are options to fight inflation. But he said three quarter-point moves starting in March are the most likely outcome of 2022. Bostic does not vote on policy this year.
Dollar made recent gains. Shorter-maturity Treasuries, sensitive to the rate outlook, declined and the yield curve flattened. Bond investors are poised for more swings as the Fed and other central banks curb pandemic-era stimulus.
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