Four triggers that changed your market while you were sleeping

Good morning, dear reader!

It’s a big day on Dalal Street and global financial markets as the Bank of Japan is expected to announce a fresh stimulus package. Elsewhere, US is scheduled to report its second quarter GDP print and back home big index movers L&T and ICICI Bank are going to report their June quarter earnings.

All of this in today’s morning digest of news, views and cues that changed your market while you were sleeping.

Will he or will not he? That’s the question on everyone’s mind as Bank of Japan chief Haruhiko Kuroda is scheduled to release his money policy statement this morning. The pressure is on, with the expectant gaze of the world on him. Kuroda is largely seen as expanding his record bond-buying programme and perhaps announce the once unthinkable ‘helicopter money’.

Unrelenting activity in currency markets: Currency markets were kept busy overnight in the wake of BoJ and Fed actions. The US dollar index slid, as the US central bank was seen to be raising rates soon. Expectation of a record BoJ stimulus saw the yen losing its strength in late night trade while the pound slipped on hope that the Bank of England will cut rates next month.

Oil headed for a bear market again: Oil prices touched a three-month low at $41 a barrel in overnight trade. Goldman Sachs said market fundamentals were very fragile. Analysts expect the oversupply situation to get worse going ahead. Oil prices have plunged almost 18 per cent after touching the high point at $52 a barrel in June.

Google’s parent Alphabet topped estimates: After Apple and Facebook, it was Alphabet’s turn to steal the limelight with June quarter earnings. Alphabet’s profit jumped 24.3 per cent to $4.6 billion while revenues grew 22 per cent to $17.5 billion. The stock rallied over 5 per cent in afterhours.