In the present scenario, it can be said that the global investors need to closely track the meeting of the US Federal Reserve. However, Mr. Jerome Powell, Chairman (US Federal Reserve) is expected to keep the interest rates unchanged which would be in line with the expectations of the market participants. Earlier, the market players took a hint from the Federal Reserve’s comments that the US central bank would be patient in terms of the interest rate hikes. It can be said that the Federal Reserve’s decision of being patient was primarily because of the worries about the global economic slowdown. These worries have a potential to significantly disrupt the broader momentum of equity markets.
Yesterday (i.e. March 18, 2019), Dow Jones Industrial Average ended the session in green as the index got closed at 25,914.10 which reflects the rise of 65.23 points or 0.25%. Also, S&P 500 Index wrapped up the session at 2832.94 implying the rise of 10.46 points or 0.37%.
Oil Prices Getting Influenced by US Sanctions, Production Cuts
Needless to say, the oil prices get influenced by several factors like the news about trade war and the broader momentum of global equity markets. In the current scenario, the oil prices are getting influenced by the US sanctions and the supply cuts. Moving forward, the oil prices would primarily be influenced news about the trade battle between the US and China. The settlement of the battle might prove beneficial for oil prices.
Minutes of RBA Meeting
In the minutes of the monetary policy meeting, it was mentioned that trade worries had been the source of uncertainty when it comes to the broader outlook. However, in China, there have been announcements which might support the broader Chinese economy. According to the members, there has been an improvement with regards to the labour market conditions, even though, in 2H 2018, there was a slowdown in output growth momentum.
Australian markets Ends in Red: S&P/ASX200 Witnesses Marginal Fall
Today, the Australian markets ended the session in red as S&P/ASX200 got closed at 6184.8 which implies the marginal fall of 5.7 points or 0.1%. Also, the Australian House price index witnessed the fall of 2.4% on Q-o-Q basis in quarter ended December 2018. This fall could impact the sentiments of the market participants. Coming to the performance of stocks, Estia Health Limited (ASX: EHE) and TPG Telecom Limited (ASX: TPM) closed the session by rising 4.4% and 4.386%, respectively. However, New Hope Corporation Limited (ASX: NHC) and HUB24 Limited (ASX: HUB) ended by falling 11.791% and 4.074%, respectively.
Coming to some of the important news, Beam Communications Holdings Limited (ASX: BCC) had come forward and released the investor presentation. Read the full news here. Also, Kazia Therapeutics Limited (ASX: KZA) had made an announcement about the arrangement to unload the remaining holding in Noxopharm Limited’s shares. Read the full news here. Bass Oil Limited (ASX: BAS) had reported the February production update. Read the full news here.
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