KEY HIGHLIGHTS
Closing Bell: Pressure At Higher Levels
Indian equity markets snapped a four-day gaining streak, as cues from the global markets turned adverse in the second half of trade.
Both S&P BSE Sensex and the NSE Nifty 50 index ended 1.58% lower at 34,868 and 10,305 respectively. The Sensex declined 561 points while the Nifty fell 165 points in today's trade.
Among the sectoral indices, the Nifty Bank was the top sectoral laggard; ending 3.8% or 838 points lower at 21,426. All constituents of the Nifty Bank, barring Bank of Baroda, ended with losses.
Other indices like The Nifty Metal, Nifty Pharma and Nifty Realty ended with losses of over 2% each.
The Nifty Media index snapped a seven-day winning streak to end 3% lower.
Nifty FMCG emerged as the only sectoral gainer today, ending 0.45% higher.
Broader markets fell in tandem with the benchmark indices. The Nifty Midcap and Smallcap index fell 1.4% and 1.8% respectively.
The India Volatility Index ended 2.2% higher at the mark of 30.
Market breadth ended in favour of the laggards. 1,074 stocks on the NSE ended with losses while 754 managed to post gains.
The top Nifty gainer in today's session was Asian Paints, which ended 3.8% higher while ICICI Bank and IndusInd Bank ended as the top laggards on the index, declining 7.1 and 6.67% respectively.
ICICI Bank: Biggest Contributor To Nifty's Decline
Earnings Fineprint: Indian Oil Corporation Q4FY20
- Revenue down 5% to Rs 1,18,439.1 crore
- Net loss of Rs 5,185 crore from net profit of Rs 2,339 crore
- Ebitda down 96.8% to Rs 212.1 crore
- Ebitda margin at 0.1% from 5.3%
- Gross Refining Margin this quarter at $0.08 per barrel
- Exceptional loss of Rs 1,1035 crore this quarter due to write-down of inventories due to Covid-19
- Inventory gain of Rs 5,668 crore this quarter
- All numbers are standalone and compared on a quarter-on-quarter basis
Shares ended 2.63% lower at Rs 87, snapping a four-day losing streak.
Covid-19 Impact: Kalyani Steels
- Pandemic has posed challenges to the company's business.
- Plants running at approximately 45-50% capacity utilisation.
- Logistics issues have been largely eased out.
- Main target business of automobiles, engineering and bearings was badly affected.
- Profitability of Q4FY20 and Q1FY21 to be affected.
- Internal accruals are adequate to maintain liquidity position.
- Supply chain back to pre-Covid-19 scenario.
- Demand for products has gone down substantially.
Shares are off the day's high, trading 4% higher at Rs 242.7, after gaining as much as 11.2%. The stock is up for the sixth straight day.
Buzzing Stock: Sunteck Realty
- Top performer on the Nifty Smallcap Index
- Gains as much as 13.2% to Rs 202.9
- Biggest single-day gain since October 2017
- Up for the second straight day
- Trades at the highest level in two months
- Up over 13% in the last two trading sessions
- Today's volumes are 29.4 times higher than its 30-day average
- Breaks above its 50-Day Moving Average of 173
- 10 out of the 12 analysts tracking the stock have a buy recommendation; 0 sell calls
- Return potential of the stock as per Bloomberg data is 87.2%
Brokerage Reaction: Info Edge India
- Worst performer on the Nifty Midcap Index
- Falls as much as 9.2% to Rs 2,681
- Biggest single-day fall in three months
- Snaps two-day gaining streak
- Today's volumes are 0.8 times higher than its 30-day average
- Morgan Stanley downgraded the stock to equalweight and cut its price target to Rs 2,200 from Rs 2,610
- Morgan Stanley has cut the company's FY21 and FY22 EPS estimates by 31% and 24% respectively due to lower billings
- 10 out of the 26 analysts tracking the stock have a buy recommendation; 9 sell calls
- The stock trades 9% above its 12-month consensus price target of Rs 2,562, implying a negative return potential
Earnings Reaction: Tide Water Oil Company
- Revenue down 16% to Rs 305 crore
- Net profit down 16% to Rs 23.2 crore
- Ebitda down 29% to Rs 27.64 crore
- Ebitda margin down to 9.1% from 10.6%
- All numbers are consolidated and compared on a year-on-year basis
- Board recommends final dividend of Rs 140 per share
Shares fluctuated between gains and losses after the announcement. They are currently trading 0.8% lower at Rs 4,074, snapping a four-day losing streak.
Nifty Bank Is The Top Sectoral Laggard
Buzzing Stock: Kansai Nerolac
- Among top performers on the Nifty 500 index
- Gains as much as 7.3% to Rs 432.2
- Biggest single-day gain since September 2019
- Trades at the highest level in over three months
- Up for the third straight day
- Has gained 11% in the last three trading sessions
- Today's volumes are 2.7 times higher than its 30-day average
- Breaks above its 100-Day Moving Average of 416.5
- Has gained 46% from its 52-week low of Rs 293 on March 24, 2020
- 12 out of the 20 analysts tracking the stock have a buy recommendation; 3 sell calls
- The stock trades 2.1% higher than its 12-month consensus price target of Rs 418.3, implying a negative return potential
ICICI Bank Mulls Share Sale
The Mumbai-based private lender is considering to raise as much as $3 billion through a share sale, Bloomberg News reports citing people familiar with the matter.
The lender intends to start discussions with potential advisors, the sources said.
The proposed share sale is targeted for September, though the timing may change depending on the market conditions.
Considerations are at an early stage and details of the share sale may change.
Spokesperson for ICICI Bank did not respond to Bloomberg News' request for a comment.
Shares fell as much as 5.6% to Rs 355.25 and it is among the top laggards on the Nifty 50 index.
Markets At 2:15 P.M.
- Benchmark indices fall towards the day's low
- Nifty down 0.7% at 10,399
- Sensex down 0.6% at 35,199
- Nifty Bank down 1.8% at 21,872
- Nifty Midcap Index down 0.55%
- Nifty Smallcap Index down 0.85%
- India Volatility Index up 0.9% to 29.6
- Nifty Pharma, Nifty Realty, Nifty Media decline over 1% each
- Nifty FMCG off the day's high; up 0.7%
- Nifty PSU Bank and Nifty Auto give up gains to trade flat
- Hero MotoCorp is the top Nifty gainer; up 4.1%
- IndusInd Bank is the top Nifty laggard; down 5%
- 790 stocks on the NSE trade with gains while 1,004 stocks decline
Money Market Update
The currency snapped a two-day gaining streak in today's session, tracking the volatility in equity markets.
The rupee ended at 75.72 against the U.S. Dollar as compared to Tuesday's close of 75.64.
Today's losses meant that the rupee ended as the second worst performing currency in Asia, behind the Chinese Renminbi.
Yield on the 10-year government bond ended at 5.918% as compared to the opening level of 5.913%.
Covid-19 Impact: Tata Power
- Power sector saw a drastic fall in energy demand due to the lockdown.
- Distribution business saw a demand drop of 30% compared to 2019.
- Expect demand to pick-up once restrictions are eased.
- Issued force majeure notices to its procurers for under-construction projects.
- Impact on financials likely to be negligible.
- Claimed but subsequently withdrew request for moratorium.
Shares trade near the day's low, down 1.8% at Rs 43.65, snapping a five-day gaining streak.
Earnings Fineprint: GAIL India Q4FY20
- Revenue flat at Rs 17,755 crore
- Net profit more than doubles to Rs 3,018.2 crore
- Ebitda up 19% to Rs 2,475.5 crore
- Ebitda margin at 13.9% from 11.7%
- Tax gain of Rs 462.5 crore this quarter
- Exceptional gain of Rs 101.6 crore this quarter on impairment of investment
- All numbers are compared on a sequential basis
Shares gained as much as 5.1% to Rs 104.35 post the announcement.
Buzzing Stock: Rallis India
- Trades at the highest level since January 2018
- Gains as much as 5% to Rs 275
- Up for the second straight day
- Has gained in five out of the last seven trading sessions
- Up 9% in the last seven trading sessions
- Today's volumes are triple its 30-day average
- Stock enters overbought territory with Relative Strength Index (RSI) at 71
- Has more than doubled from its 52-week low of Rs 125 on March 24, 2020
- 13 out of the 21 analysts tracking the stock have a buy recommendation; 4 sell calls
- Stock trades 12.2% above its 12-month consensus price target of Rs 237.9, implying a negative return potential
European Markets Take A Breather
Markets across Europe are witnessing a pullback at the start of mid-week trade.
The Stoxx 600 has opened 0.5% lower with media and chemical companies underperforming.
Asian markets have ended on a mixed note while futures on the Dow Jones are trading higher by 50 points.
Brent Crude for the August contract is up 0.5% at $42.83 per barrel while Gold is little changed at $1,770.5/Oz.
Let's take a look at how benchmarks across Europe have opened:
- Euro Stoxx 50 down 0.5% at 3,281
- DAX down 0.42% at 12,467
- CAC down 0.44% at 4,994
- FTSE 100 down 0.6% at 6,284
- IBEX 35 down 0.2% at 7,424
How Are The Sectoral Indices Faring
Buzzing Stock: Escorts
- Among the top performers on the Nifty Midcap Index
- Trades at a record high
- Gains as much as 8% to Rs 1,048
- Biggest single-day jump in over two months
- Snaps two-day losing streak
- Today's volumes are 2.3 times higher than its 30-day average
- Has nearly tripled from its 52-week low of Rs 423.55 on August 23, 2019
- 19 out of the 22 analysts tracking the stock have a buy recommendation; 1 sell call
- The stock now trades 10.1% above its 12-month consensus price target of Rs 918.79, implying a negative return potential
Earnings Reaction: India Cements Q4FY20
- Revenue down 26.3% to 1,151.9 crore
- Net loss of Rs 111 crore from net profit of Rs 43.8 crore
- Ebitda down 65% to Rs 67.3 crore
- Ebitda margin down to 5.8% from 12.3%
- Exceptional item refers to an impairment provision of Rs 100 crore relating to receivables from certain subsidiaries towards loans and advances given and interest accrued thereon.
- All numbers are standalone and compared on a year-on-year basis
Shares recovered after falling as much as 3.5% to Rs 127.1 post the announcement. The stock is currently fluctuating between gains and losses.
SEBI Extends Timeline To File FY20 Results
India's market regulator Securities and Exchange Board of India has extended the timeline to submit financial results for the quarter and year ended March 31, to July 31, Bloomberg News reports citing a SEBI statement.
The regulator had earlier set a deadline of June 30 for the same.
The revised timeline is also applicable for listed bonds and other debt issuances.
Companies, accountancy firms and industry bodies sought the extension due to continuing lockdown posing various operational challenges.
Markets At Noon
- Benchmark indices give up gains; trade with losses
- Sensex down 0.1% at 35,381
- Nifty down 0.2% at 10,453
- Nifty Bank down 1.2% at 21,994
- Nifty Midcap Index trades little changed
- Nifty Smallcap Index down 0.3%
- India Volatility Index up 0.2% to 29.39
- Nifty FMCG is the top sectoral gainer; up 1.1%
- Nifty Media, Nifty Metal and Nifty Pharma fall between 0.5-1%
- Asian Paints remains the top Nifty gainer; up 6.2%
- IndusInd Bank is the top Nifty laggard; down 4%
- 883 stocks on the NSE trade with gains while 862 decline
Stock Reaction: Cadila Healthcare
The pharma company received the final approval to market the Meclizine Hydrochloride tablets from the U.S. FDA. The tablets can be marketed in strengths of 12.5 mg and 25 mg. The company said in an exchange filing.
The said drug is an antihistamine used in the prevention and treatment of nausea, vomiting and dizziness caused due to motion sickness.
This drug will be manufactured in the group's manufacturing facility at SEZ, Ahmedabad.
Shares recovered from the day's low to gain as much as 1.7% to Rs 373.35. The stock is up for the second straight day.
Earnings Reaction: Asahi India Glass
- Revenue down 18% to Rs 595.25 crore
- Net profit up 15% to Rs 51.88 crore
- Ebitda down 28% to Rs 84.72 crore
- Ebitda margin down to 14.2% from 16.3%
- Higher finance costs impact margins
- Automotive glass segment revenue down 16.2% to Rs 350.5 crore
- Float glass segment revenue down 23.9% to Rs 232.7 crore
- All numbers are consolidated and compared on a year-on-year basis
Shares gained as much as 17% to Rs 218, post the announcement. This is the biggest single-day gain for the stock since June 2009. The stock is up for the fourth straight day and trades at the highest level in over three months.
Stock Reaction: ONGC
The upstream oil explorer has halted drilling at two rigs after a staff member tested positive for Covid-19, Bloomberg News reports citing a company statement.
The company continues to operate the remaining 34 rigs on the Western Offshore with relevant safety precautions.
Western Offshore fields contribute more than 65% of the company's total oil output and 75% of the total gas production.
Shares of the company fell as much as 2.3% to Rs 83.70 per share.
Large Trades In The Last Hour
- MRPL: 15.12 lakh shares exchanged hansd in a single large trade.
- State Bank of India: 17.45 lakh shares exchanged hands in a single large trade.
- Coal India: 10 lakh shares exchanged hands in a single large trade.
Buyers and sellers in these trades remain unknown, according to Bloomberg data.
- Shares of MRPL are up 17.7% at Rs 41.55 after being locked in a 20% upper circuit. The stock is up for the third straight day.
- Shares of State Bank of India trade 0.9% lower at Rs 190.75, snapping a five-day losing streak.
- Shares of Coal India trade 1.25% lower at Rs 142.05.
Earnings Reaction: Union Bank of India
The public sector lender's net loss narrowed in the March quarter to Rs 2,713 crore from the Rs 3,331.5 crore loss it reported in March last year.
Provisions saw a decline to Rs 3,501.7 crore, which also included exceptional harmonisation provisions of Rs 2,510 crore due to the amalgamation of Andhra Bank and Corporation Bank.
Asset quality improved with Gross NPA at 14.15% from 14.98% while net NPA fell to 5.49% from 6.85% in the previous quarter.
Shares fell as much as 4.9% to Rs 34.2, snapping a five-day gaining streak. It is also the worst performing stock on the Nifty PSU Bank index.
Stock Reaction: JMC Projects
The civil engineering and EPC company was awarded new orders worth Rs 938 crores, it informed the exchanges on Tuesday.
The orders include water supply projects in Uttar Pradesh worth Rs 841 crore and building projects in South India worth Rs 97 crore.
We continue to scale up our water business and have expanded our presence in Uttar Pradesh with the new order wins. We remain confident of significant growth opportunities in the water business going forward.SK Tripathi, CEO & Deputy MD, JMC Projects
The company’s market cap stands at Rs 968.1 crore.
Shares gained as much as 20% - the biggest single-day jump since May 2014 to Rs 60.50. The stock now trades at the highest level in over three months.
Earnings Reaction: Berger Paints
The paint company reported a 6.4% decline in its net profit compared to the previous year. Revenue saw a de-growth of 8% to Rs 1,354.8 crore.
Ebitda fell 7.6% while margins remained flat at 15.4%.
The company's board of directors have approved a final dividend of Rs 0.3 per share.
Shares trade near the day's high, gaining as much as 4.5% to Rs 538.85. The stock is up for the fourth straight day.
Stock Reaction: IPCA Laboratories
The drugmaker has been informed by the U.S. FDA that shortage implications for Chloroquine Phosphate API has changed and that Chloroquine Phosphate drug is no longer in shortage.
The U.S. FDA had exempted the Chloroquine Phosphate and Hydroxychloroquine Sulfate APIs, manufactured at the company's Ratlam facility from an import alert.
As the Chloroquine Phosphate API is no longer in shortage, it will be excluded from the import alert.
Exception to the import alert has now been made for the API Hydroxychloroquine Sulfate, according to the exchange filing.
Shares fell as much as 2.9% to Rs 1,623, snapping a four-day losing streak.
Eighth Day Of Gains For Media Index; Most Since December 2017
Stock Reaction: Steel Strips Wheels
The wheels manufacturer has bagged export orders worth $1,70,000 from the U.S. and the European Union, it said in an exchange filing.
The orders are for 20,000 wheels for the Caravan Trailer Market in the U.S. and the European Union.
This order will be executed from the company's Chennai plant from July until November.
The order will also enable ramping-up of production at the Chennai plant, the company said.
Shares gained as much as 5.2% to Rs 455, adding to Tuesday's 10.3% gain. This stock is up for the fourth straight day.
Markets At 10:10 A.M.
- Benchmark indices gain for the fifth straight day
- Nifty up 0.6% at 10,535
- Sensex up 0.6% at 35,646
- Nifty Bank up 0.2% at 22,302
- Nifty Midcap Index up 1.1%
- Nifty Smallcap Index up 1.2%
- India Volatility Index down 0.9% to 29.1
- Nifty Media is the top sectoral gainer; up 2.2% and is up for the eighth straight day
- Nifty Auto, Nifty FMCG and Nifty PSU bank gain between 1.5-2%
- Tata Motors is the top Nifty gainer; up 4.4%
- Power Grid is the top Nifty laggard; down 1.7%
- 1,236 stocks on the NSE trade with gains while 445 decline
Money Market Update
The rupee higher for the third day in a row. Cues from the equity markets are strong while the U.S. Dollar is set to decline for the third straight day.
The currency opened at 75.59 against the greenback as compared to Tuesday's close of 75.64. It ended as the second best performer in Asia on Tuesday.
Within the bond markets, the traders will look forward to the sale of treasury bills worth Rs 45,000 crore.
Yield on the 10-year government bond ended Tuesday's session at 5.9%.
Earnings Reaction: Asian Paints
The paint maker reported a low single-digit volume growth in its decorative paints business. Other operational parameters were relatively flat on a year-on-year basis.
Revenue fell 7% while net profit declined 2.1%. Margins were steady at 18.5% from 17.8%.
Gross margins however, grew 400 basis points to 45.8%, aided by lower input costs and higher inventory gains.
Let's take a look at what Brokerages are making of the results:
CLSA
- Outperform rating maintained
- Price target of Rs 1,710
- Valuations leave little room for upside
UBS
- Buy rating maintained
- Price target of Rs 2,000
- Strong volume growth visibility, distribution strength and emerging competitive advantage justify premium valuation
Goldman Sachs
- Sell rating maintained
- Price target of Rs 1,064 per share
Credit Suisse
- Outperform rating maintained
- Price target of Rs 1,850
- Has highest visibility of FY22 earnings within consumer discretionary stocks
To read about brokerage views on Asian Paints in greater detail, click here.
Shares gained as much as 5.1% to Rs 1,769 and are up for the fifth straight day. The stock is also the top performer on the Nifty 50 index.
Large Trade Alert: Metropolis Healthcare
30.5 lakh shares of the diagnostics player exchanged hands in a single large trade on the Bombay Stock Exchange, as per Bloomberg data.
The total number of shares exchanged amount to 6% of the total equity.
The promoter group had intended to sell 23.4 lakh shares or 4.6% of the total equity in the company through a secondary placement at Rs 1,300 per share.
The floor price was a 10.5% discount to Tuesday's closing.
Post the stake sale, promoter stake will decline to 52.31% from 56.9%.
Shares fell as much as 4.7% to Rs 1,382.1 and are down for the third straight day.
Earnings Reaction: Bank of Baroda
The state-run lender reported a net profit of Rs 506 crore for the quarter ending March, aided by a tax write-back of Rs 2,230 crore.
The bank's Net Interest Income grew 40% as compared to the previous year while asset quality improved sequentially.
Gross NPA for the bank stood at 9.4% from 10.43% while net NPA declined to 3.13% from 4.05% in the previous quarter.
The bank's management expects the loan moratorium portfolio to come down to 35% by August. The portfolio currently stands at 65%.
Shares gained as much as 8.9% to Rs 55. The stock trades at a three-month high and is up for the sixth day in a row. This is the stock's longest winning streak since November 2019.
Large Trade Alert & Stock Reaction: Embassy Office Parks REIT
3.36 crore units or 4.4% of the total equity of the real estate investment trust exchanged hands in two large trades on the National Stock Exchange, according to Bloomberg data.
Blackstone Sponsor Group intended to sell 7.2% stake through a secondary placement of units.
Seling price for the trade ranged between Rs 340-350 per unit, implying a 6.5-3.7% discount from Tuesday's closing price.
Post the share sale, Blackstone Sponsor Group's total stake to come down to 48.1% from 55.3%. Settlement for the same will take place on June 26.
The stock fell as much as 6.2% to Rs 341 and is down for the fourth straight day.
Contributors To Nifty's Gains
Opening Bell: Fifth Day Of Gains
Indian equity markets continued to rebound, opening higher for the fifth straight day, tracking positive cues from other Asian markets.
The S&P BSE Sensex opened 0.7% higher at 35,679 while the NSE Nifty 50 opened above the 10,500 mark at 10,529, up 0.56%. The Nifty has now gained over 3,000 points from its March low of 7,511.
Among the sectoral indices, the Nifty Bank and Nifty Auto index opened 1% higher while the PSU Bank index gained another 3%.
The Nifty Media Index opened 1.6% higher, gaining for the eighth straight day and registering its longest winning streak since December 2017.
Market breadth was in favour of the advances at the start of trade. 1,216 stocks opened with gains while 247 declined on the National Stock Exchange.
Latest On The Coronavirus
- Total global cases cross the 9.1 million mark
- Death toll rises to 4.74 lakh
- Anthony Fauci, the U.S. government's top infectious-disease expert told the Congress that he was seeing a disturbing surge in cases.
- Infections continued to surge in California, Texas and Arizona. 5,109 new cases reported in California
- Seven new cases reported in Beijing
- 111 deaths reported in South Africa
- Italy reported fewest new cases since February
Top Reads On BloombergQuint.com
How Did The Fund Flows Fare On Tuesday
Key Stocks In Focus
- Embassy Office Parks REIT: Blackstone Sponsor Group to sell 5.59 crore units or a 7.2% stake in the company via secondary placement of units. Selling price ranges from Rs 340-350 per unit, implying a discount of 6.5-3.7% from Tuesday's closing price. The total sale aggregates to Rs 1,901.5 - 1,957.5 crore. Blackstone Sponsor Group's holding to come down to 48.1% from 55.3%. Trade date for the offer is June 24 while settlement to take place on June 26.
- Balrampur Chini: Board approves buyback of 1 crore shares or 4.55% of total equity. Buyback price is set at Rs 180 per share, implying a 33% premium to Tuesday's closing price. Record date for the Rs 180 crore buyback is set at July 3.
- Wipro: Awarded strategic, multi-year infrastructure modernization and digital transformation services engagement by Germany-based energy company E.ON.
- Metropolis Healthcare: Promoter group to sell 23.4 lakh shares or 4.59% stake through secondary placement of shares. Floor price of Rs 1,300 is a 10.5% discount to Tuesday's closing price. The total issue is worth Rs 304.2 crore with an option to upsize. The trade date for the offer is June 24. Post the sale, promoter stake to reduce to 52.31% from 56.9%.
- Tinplate, Nalco, JSW Steel, Tata Steel: Government imposes anti-dumping duty on import of flat rolled products of steel, plated or coated with alloy of aluminium and zinc, exported from China, Vietnam and Korea. Duty amounts to $173.1 per MT for five years.
- Piramal Enterprises: Board approved issuance of NCDs worth Rs 2,590 crore.
- Nifty Earnings Today: GAIL, Indian Oil Corporation
- Non-Nifty Earnings Today: United Breweries, Power Finance Corporation, Prestige Estates, Sobha, India Cements, General Insurance Corporation, Canara Bank, PNC Infratech, Karur Vysya Bank.
To know more about earnings reported after market hours and companies with Covid-19 updates, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
U.S. Markets On Tuesday
- Benchmark indices rise for the second straight day
- S&P 500 gained as much as 1.2% but pared two-thirds of them as Covid-19 cases continued to rise
- Nasdaq composite hit another all-time high
- Apple, Amazon, Facebook gained at least 2% each
- PMI data for June indicated that economic rebound continued in the U.S.
- Bloomberg Dollar Spot Index fell 0.3%, the lowest in nearly two weeks
- Yield on the 10-year treasury stood at 0.71%.
- West Texas Intermediate crude fell 1.2% to $40.24 per barrel. The commodity trades flat in today's session
Catch all the live action from the global equity markets here.
Gains To Extend?
Indian equity markets are bracing for consolidation on the penultimate day of the June futures and options series. The benchmarks ended with gains for the fourth straight day on Tuesday.
The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 0.3% to 10,454 as of 7:40 a.m.
Asian markets are trading with gains in mid-week session, although volumes continue to remain thin. Investors remain risk-on despite rising Covid-19 cases across the U.S. sun belt.
Markets in Hong Kong have opened higher, Japanese equities are flat while those in South Korea are outperforming. The U.S. dollar is set to decline for the third straight day and treasuries are flat.
The International Monetary Fund will be releasing its new 2020 growth projections on Wednesday.
West Texas Intermediate crude remained flat at $40.33 per barrel.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
RECOMMENDED FOR YOU
POPULAR