Markets Eye Modest Gains Amid Mideast Tensions, Mixed Global Data
U.S. futures point higher as traders watch Israel-Iran conflict; Philly Fed signals weak growth, gold dips sharply and Asia-Europe markets diverge.
The Nasdaq inched up 25.18 points (0.1%) to 19,546.27, the S&P 500 edged down 1.85 points or less than a tenth of a perecnt to 5,980.87 and the Dow slipped 44.14 points (0.1%) to 42,171.66.
The major index futures are currently pointing to a modestly higher open for the markets, with the S&P 500 futures up by 0.2%. Stocks may open higher as traders closely monitor the escalating conflict between Israel and Iran. The White House is expected to decide within two weeks whether to support Israeli military actions. As the conflict enters its eighth day, both nations continue to exchange missile and drone attacks.
The Philly Fed reported its diffusion index for current general activity remained unchanged in June at -4.0, signaling continued contraction. Economists had expected a slight improvement to -1.0. Looking ahead, future indicators show weaker growth expectations, with the future activity index plunging to 18.3 from 47.2 in May.
The Conference Board will release its report on leading economic indicators in the month of May. The leading economic index is expected to edge down by 0.1% in May after slumping by 1% in April.
Asia-Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index dipped by 0.2%, while Hong Kong's Hang Seng Index jumped by 1.3% South Korea's Kospi surged by 1.5%. The major European markets have all moved to the upside on the day while the German DAX Index is up by 1.6%, the French CAC 40 Index is up by 1.0% and the U.K.'s FTSE 100 Index is up by 0.5%.
In commodities trading, crude oil futures are edging up $0.16 to $75.30 a barrel after rising $0.30 to $75.14 a barrel on Wednesday. Meanwhile, after inching up $1.20 to $3,408.10 an ounce in the previous session, gold futures are tumbling $44.50 to $3,363.60 an ounce. On the currency front, the U.S. dollar is trading at 145.47 yen versus the 145.45 yen it fetched on Thursday. Against the euro, the dollar is valued at $1.1524 compared to yesterday's $1.1495.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Standard
34 minutes ago
- Business Standard
Market ends with steep losses, media shares outperform; VIX rallies 2.74%
The domestic equity benchmarks ended with significant losses today, weighed down by ongoing tensions in the Middle East. Media, consumer durables and metal shares advanced while IT, auto and FMCG shares declined. The Nifty settled below the 25,000 level. As per provisional closing data, the barometer index, the S&P BSE Sensex, tanked 511.38 points or 0.62% to 81,896.79. The Nifty 50 index slipped 140.50 points or 0.56% to 24,971.90. The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.20% and the S&P BSE Small-Cap index added 0.57%. The market breadth was negative. On the BSE, 1,862 shares rose and 2,195 shares fell. A total of 183 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 2.74% to 14.05. Economy: The HSBC Flash India Composite Output Index, which tracks month-on-month changes in combined output from manufacturing and services, rose to 61.0 in June from 59.3 in May - the highest in 14 months and well above the long-term average. Manufacturing led the growth, with the Manufacturing PMI Output Index climbing to 61.5 in June from 60.3 in May. The overall Manufacturing PMI rose to 58.4, its best level since April 2024, signalling improved operating conditions. The HSBC Flash India Services PMI Business Activity jumped to 60.7 from 58.8, showing a strong uptick in service sector growth. Buzzing Index: The Nifty Media index soared 4.39% to 1,748.40. The index jumped 4.76% for the second trading session. Zee Entertainment Enterprises (up 12.64%), Network 18 Media & Investments (up 3.39%), Nazara Technologies (up 3.19%), Dish TV India (up 1.82%), PVR Inox (up 1.07%), Saregama India (up 0.69%), D B Corp (up 0.46%) added. On the other hand, Sun TV Network (down 1.29%), Hathway Cable & Datacom (down 0.47%) and Tips Music (down 0.31%) edged lower. Zee Entertainment Enterprises (ZEEL) surged 12.64% after the company released a detailed strategic business update outlining its plans for consolidation, capital infusion, and digital growth. The company reported that it holds a 17% share of the urban TV viewership market (15+ age group). This comes amid broader industry consolidation that has resulted in a two-player market structure, with Peer-1 holding a dominant 34% share. Zee stated that it remains committed to strengthening its position in the evolving media and entertainment landscape. Stocks in Spotlight: Solar Industries India shed 0.52%. The company said that its wholly owned subsidiary, Solar Defence & Aerospace has signed contract with Ministry of Defence, Government of India, to supply defence products. Ideaforge Technology hit an upper limit of 10% after the company secured an order worth approximately Rs 137 crore, inclusive of all charges to supply Mini UAVs with accessories to Ministry of Defence. Waaree Renewable Technologies rose 0.13%. The company announced that it has signed a non-binding memorandum of understanding (MoU) with Viet Khanh Joint Stock Company for the execution of engineering, procurement, and construction (EPC) work for a solar power project. Bharat Electronics (BEL) advanced 3.15% after the company announced it had secured additional orders worth Rs 585 crore since its last disclosure on 5 June 2025. Godrej Properties fell 1.17%. The company announced that it had sold inventory worth over Rs 2,000 crore during the launch of the first phase of its residential project, Barca @ Godrej MSR City, located in Devanahalli, North Bengaluru. Nitco jumped 2.04% after the company announced that it has received a fresh Letter of Intent (LoI) from Prestige Estates Projects for an additional tile supply order worth approximately Rs 45 crore. Zen Technologies hit an upper limit of 5% after the companys board has approved the acquisition of TISA Aerospace (TISA) through a mix of share purchase plus compulsorily convertible debentures (CCDs) from current shareholders of TISA. Global Markets: European markets traded lower, while Asian markets ended lower on Monday as investor jitters grew following the US airstrikes on three Iranian nuclear sites, which pushed oil prices higher and reignited fears of a wider Middle East conflict. Brent Crude climbed to $78.52 a barrel, continuing its upward trend amid regional tensions. On the macro front, Japan delivered a pleasant surprise. Its manufacturing sector returned to expansion in June, with the au Jibun PMI rising to 50.4 from Mays 49.4. The services sector also saw steady growth, with the index nudging up to 51.5 from 51.0. Back in the US, two of the three major indices closed lower on Friday. The S&P 500 slipped 0.22%, marking its third straight loss, while the Nasdaq dropped 0.51%. The Dow managed a modest gain of 0.08% as investors weighed geopolitical developments and the Feds next move on rates.
Business Standard
34 minutes ago
- Business Standard
Pound plunges to one-month low against dollar; GBPINR edges slightly higher
The British pound plunged to a one-month low against a firm dollar overseas as markets sentiments turned risk averse amid boiling tensions in Middle East and investor flocked to safe haven dollar for respite. The demand for the US Dollar as a safe-haven asset increased, with the US Dollar Index revisiting two-week high above 99 mark. Over the weekend, US President Donald Trump reportedly said that Washingtons military forces have successfully demolished Iranian nuclear facilities: Fordow, Natanz, and Isfahan. Meanwhile data from UK showed better-than-projected flash S&P Global Purchasing Managers Index (PMI) data for June. The Composite PMI came in at 50.7, higher than estimates of 50.5 and the prior release of 50.3. GBPUSD is currently seen quoting weaker by over half a percent at $1.3400. On the NSE, GBPINR futures are trading higher by 0.17% at 116.89.
Time of India
an hour ago
- Time of India
Iran, Israel conflict may have short-term impact on good's demand in Gulf region: FIEO
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The ongoing conflict between Iran and Israel may have a short-term impact on demand and logistics, particularly in the Gulf region, which serves as a crucial hub for Indian exports , the Federation of Indian Export Organisations ( FIEO ) said on said that the conflict may also lead to increased shipping costs , longer transit times, and hike in marine insurance premiums The Israel-Iran conflict has escalated significantly in recent weeks, with both sides exchanging heavy strikes and the US becoming directly involved in the hostilities."We do anticipate some short-term impact on demand and logistics, particularly in the Gulf region, which serves as a crucial hub for Indian exports. Increased shipping costs, longer transit times, and rising marine insurance premiums may add pressure, especially in price -sensitive sectors," FIEO President SC Ralhan said that crude oil price volatility can influence both inflation and logistics India's diversified energy procurement strategy and the Reserve Bank's proactive stance help maintain liquidity and macroeconomic stability, Ralhan added."Overall, while there are temporary headwinds, we see this as an opportunity for Indian exporters to explore alternate routes, strengthen regional partnerships, and consolidate India's role as a reliable trade partner in uncertain times," he geopolitical tensions in the Middle East, including the ongoing conflict, pose certain challenges to global trade dynamics , India's export sector remains resilient and adaptive."Our trade with both Iran and Israel, while important, constitutes a small share of our overall export-import basket. The government and industry are jointly monitoring developments to ensure minimal disruption," the President said.
