First, the 2-good news:
1) WTI crude oil futures fell 2% to below $67 per barrel as traders digested news that OPEC+ may pause planned output hikes starting in October.
2) Fed-rate cut talks.
Gift Nifty is still pointing to a negative start on the last trading day of the week as the street braces to react to TCS Q1FY26.
Nifty bulls are likely to receive fresh drubbing amidst:
1) Trump tariff uncertainties’
2) Hawkish remarks from the Fed’s Musalem.
Our call of the day however suggests it’s likely to be a choppy and whipsaw kind of day for the benchmark Nifty with slight negative bias.
The street fears that Trump’s tariff threats could dampen global growth and curb demand for industrial metals.
Long story short: Proceed with caution at Dalal Street.
7:00 AM GLOBAL UPDATE:
GIFT Nifty: (-122, 25282)
Dow Futures: (-165, 44488)
Nasdaq 100 Futures (-64, 22765)
Nikkei (+53, 39701)
Hang Seng (+5, 24033)
Dow Jones (+188, 44647)
Nasdaq Composite (-48, 20563)
Bovespa (-782, 136743).
WHAT HAPPENED AT WALL STREET IN OVERNIGHT TRADE:
The Positive Catalyst: Wall Street investors cheer Fed-rate cut talks and most importantly, shrugged-off the latest tariff escalations from the Trump administration, including new 50% duties on copper imports and Brazilian goods.
As on Thursday’s close, the S&P 500 rose 0.27%, the Nasdaq edged up 0.09%, and the Dow advanced 0.43%.
Brazilian Bovespa stayed depressed, falling another 0.54% after President Donald Trump announced a 50% tariff on Brazilian imports, citing unfair trade practices.
Copper prices traded firm at $5.57 per pound as the theme revolves around Trump announcing plans to impose a 50% tariff on copper imports.
Gold prices ($3333 per ounce) was seen consolidating with positive bias.
WTI crude oil futures fell and were seen trading with slight negative e bias, now near the $66.83 per barrel as traders digested news that OPEC+ may pause planned output hikes starting in October.
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