News and Analysis
- Euro Zone Flash Services PMI increased to 52.1 level this month.
- German Flash Manufacturing PMI dropped to 51.3-level in Sept.
- French Flash Services PMI rose in September to 50.7-mark.
French Flash Manufacturing PMI declined marginally to 49.5 level in September from 49.7-mark in August. French Flash Services PMI gained in the month of September to 50.7-mark from 48.9 in August.
German Flash Manufacturing PMI dropped to 51.3-level in September from 51.8-mark in August. German Flash Services PMI gained significantly in the month of September to 54.4 level from 52.8 in August. Flash Manufacturing PMI reduced marginally to 51.1-mark in September from 51.4 level in the month of August. Flash Services PMI increased to 52.1 level in September from 50.7 in August.
Indian Rupee depreciated by around 0.7 percent as a result of month end dollar demand from importers. The currency declined as a result of weak domestic market sentiments. The Rupee touched an intra-day low of 62.72 till 4:30 pm IST.
Spot Gold prices declined around 0.3 percent on the back of weak global market sentiments coupled with decline in SPDR gold holdings. The yellow metal hovered around USD1321.44/oz till 4:30 pm IST. In the Indian markets, gold prices fell around 0.8 percent today.
Spot silver slipped around 0.5 percent taking cues from fall in gold prices along with weak global market sentiments. Mixed performance in base metals group restricted sharp fall in prices. The white metal touched an intra-day low of USD21.35/oz till 4:30 pm IST. MCX Silver declined by 0.7 percent.
Base metals pack on the LME traded on a mixed note due to tensions fuelled by the statement of FOMC member James Bullard signaling towards QE taper in October. Weak global market sentiments also added downside pressure on prices. However, decline in LME inventories coupled with favorable Chinese manufacturing data cushioned sharp fall.
LME Copper prices declined around 0.7 percent taking cues from FOMC member Bullard's statement that QE taper likely to happen in October meeting coupled with weak global market sentiments. Decline in LME copper inventories by 1 percent to 556,875 tonnes prevented sharp fall in prices. On the MCX, Copper prices declined by 0.7 percent.
Nymex crude oil prices gained around 0.3 percent today on the back of favorable manufacturing data from China. However, sharp upside in prices was capped as result of rise in Libya's crude output along with diplomatic decision making towards Syria. On the MCX, the near month crude oil prices declined by around 0.1 percent touching a low of Rs.6577/bbl till 4:30pm IST.
Outlook: In the evening session, we expect precious metals and base metals prices to trade on a mixed note on the back of expectations of favorable manufacturing data from US. Further, weakness in the DX will support an upside in prices. However, sharp upside in prices will be capped or reversal can be seen as a result of mixed global market sentiments.
Crude oil prices will trade lower on account of rise in Libya's crude output along with diplomatic decision making towards Syria.
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