The News International Team
The Indian market is likely to open on a weak note with the SGX Nifty, an indicator of pre-market opening, trading in red, down 28 points to 8438. The market may be rangebound with investors expected to take cues from the banking conference and related reforms announcement that concluded Saturday.
Asian markets re-opened on a weak note this morning with the Nikkei losing more than a 1 percent as yen gains some strength. Japanese markets have been shut since last Wednesday for the holiday season
Kospi dropped to a one-month low as losses in blue-chips weighed on the bourse. Posco lost 3 percent while Samsung Electronics which has the heaviest weighing on the Kospi losing more than 1 percent
The Taiwanese Index as well has lost more than half a percent this morning.
European shares closed mostly lower as manufacturing data disappointed. Peripheral European stock indexes outperformed however, with the Portuguese PSI 20 and the Athens Composite both ending over 1 percent higher
Markit’s final manufacturing PMI for the euro zone read 50.6 in December, slightly below the flash estimate.
In US, stocks ended near unchanged on Friday, with the S&P 500 down for a third session, after economic reports showed manufacturing slowing but still in expansion mode at the end of 2014.
In the currency space, the euro fell to its lowest since June 2010, after Draghi told the German financial newspaper that the European Central Bank (ECB) was less likely to preserve price stability than it was six months ago, suggesting it was ready to take bolder steps on monetary stimulus early this year. The rupee is currently trading at around 63.29 against the dollar.
In commodities, Nymex crude futures extended declines to a third day to stay near their lowest level in more than five years, hurt by a slew of weak economic data.
From precious metals space, gold trades around USD 1190 as dollar continues to show strength.
Back home, two day “retreat for banks and financial institutions” called “Gyan Sangam” concluded on Saturday. PM Modi called for the need to simplify loan approval processes for common man.
Meanwhile, Finance Minister said government willing to reconsider rules for public sector banks in line with changing needs of economy while Governor Rajan said need to clean up bad loans in banking sector within a year to put eco back on track
In other news, NTT Docomo files request for arbitration with Tata Sons with respect to Tata Tele stake. NTT Docomo says filed request with London court of international arbitration on Jan 3 and that they exercised right to find buyer for TTSL shares at 50 percent of acquired price.