Epic Research Special Stock Market Report 04 September 2017

Global markets at a glance
Dow Jones Industrial Average rose 39.46 points, or 0.18 percent, to end at 21,987.56, the S&P 500 gained 4.9 points, or 0.20 percent, to 2,476.55 and the Nasdaq Composite added 6.67 points, or 0.1 percent, to 6,435.33. Wall Street gained modestly on Friday as a tepid US jobs report kept expectations muted for another interest rate hike this year, while investors kicked off a typically dour month for stocks on a positive note. US job growth slowed more than expected in August after two straight months of hefty increases. The Labor Department said on Friday nonfarm payrolls increased by 156,000 last month, while economists had forecast an increase of 180,000.

MACRO NEW
The rupee on Friday weakened over one week low against the US dollar after India’s economic growth slowed down unexpectedly to three year low. The
rupee ended at 64.03 a dollar – a level is last seen on August 24, down 0.19 percent from its Thursday’s close of 63.91. The rupee opened at 63.95 a dollar and touched a high and a low of 63.88 and 64.05 respectively.
Oil markets were volatile supported by shutdowns of US production following Hurricane Harvey, but pressured by an expected downturn in crude demand
as the storm knocked out refineries along the Gulf of Mexico coast, said a Reuters report.
Global brokerage firm UBS has lowered India’s GDP growth forecast to 6.6 percent for this fiscal from 7.2 percent earlier.

COMMODITY ROUNDUP
Gold prices retreated further from their highest level in 11 months on Thursday, as market players looked ahead to a key batch of U.S. economic data to gauge the strength of the world’s largest economy and how it will impact the Federal Reserve’s view on monetary policy. The U.S. is to release reports on personal income and consumer spending for July, which include the personal consumption expenditures inflation data, the Fed’s preferred metric for inflation, at 8:30AM ET (1230GMT).

TRADING STRATEGY:
BUY GOLD ABOVE 29870 TGT 29920 30020 SL BELOW 29850
SELL GOLD BELOW 29700 TGT 29650 28550 SL ABOVE 29750

CURRENCY MARKET UPDATE
The dollar held onto modest gains against the other major currencies on Friday, as investors were awaited the monthly U.S. nonfarm payrolls report due later in the day after a mixed batch of U.S. data on Thursday. EUR/USD was almost unchanged at 1.1902. The greenback initially weakened after data on Thursday
showed that U.S. consumer spending rose slightly less than expected in July and annual inflation increased at its slowest pace since late 2015. A separate report showed that U.S. pending home sales unexpectedly decreased last month. On a more positive note, the U.S. Labor Department said initial jobless claims rose less than expected last week.

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