Jeff Mason is a White House Correspondent for Reuters and the 2016-2017 president of the White House Correspondents’ Association. He was the lead Reuters correspondent for President Barack Obama's 2012 campaign and interviewed the president at the White House in 2015. Jeff has been based in Washington since 2008, when he covered the historic race between Obama, Hillary Clinton and John McCain. Jeff started his career in Frankfurt, Germany, where he covered the airline industry before moving to Brussels, Belgium, where he covered the European Union. He is a Colorado native, proud graduate of Northwestern University and former Fulbright scholar.
Twitter handle: @jeffmason1
Just when markets were ready for their next upward move and the Nifty was positioning itself to touch the 11,000 level again, political uncertainty in Karnataka and a confluence of weak global cues punctured the rally. Fears that the RBI may hike rates in the near term due to a rise in core inflation also dented sentiments.
Indian stocks resumed their upward journey as global markets rebounded on softer-than-anticipated U.S. inflation, which alleviated worries of faster rate hikes by the Federal Reserve. Investors also welcomed continued moves between the U.S. and North Korea to reduce tensions.
Indian shares snapped five straight weeks of gains due to weak global cues and cautiousness during the second leg of the earnings season. Markets were also overbought after the long rally. The Nifty ended the week lower by 0.69 percent at 10,618, with mid-cap and small-cap indices continuing to underperform.
Markets began the May derivative series on an optimistic note with key indices witnessing a sharp surge on Friday. Sentiments were boosted by the first inter-Korean summit in more than a decade, where the two countries vowed “complete denuclearisation” of the Korean peninsula.
India’s benchmark indices clocked their longest weekly gains in nearly three months even as trade tensions and geopolitical concerns remained in the background.
Markets remained firm during the week despite trade and geo-political tensions. The Nifty gained in all five trading sessions – the first time since November 2017 - and ended the week 150 points higher at 10,480.
Global markets gyrated to trade war concerns as China announced that it would be implementing new tariffs on American products in response to levies announced by U.S. President Donald Trump. However, investors later resorted to buying on news of possible trade negotiations between the world’s two biggest economies.
Markets attempted a recovery during the week with the Nifty managing to hold on to the 10,000 level. Sentiments across the globe bounced back following reports that the U.S. and China are trying to prevent an escalation of their trade dispute. Domestic sentiments also got a boost after the government announced lower-than-expected borrowing for the first half of the next fiscal year.
Global equities were jittery during the week due to fears of a trade war between the United States and China, which could impact industrial investments and output. President Donald Trump announced tariffs of $60 billion on Chinese imports and Beijing responded with plans for reciprocal tariffs.
An upbeat start saw some sharp gains for the Indian stock markets but a correction towards the end of the week wiped out most intra-week gains in contrast to global indexes.
- Gold: PRECIOUS-Gold rises on U.S.-China trade negotiations despite firmer dollar
- Oil Report: WRAPUP 2-Malaysia's Mahathir widens graft crackdown, seeks to cut national debt
- British Pound Report: REFILE-UPDATE 1-Sterling slides to new 2018 low on weak UK inflation
- US Dollar Report: FOREX-Euro plunges as risk aversion, Italy concerns weigh