US Markets edged up to new alltime highs - TRANS SCAN

The Indian markets are likely to open higher tracking Asian markets. However, a question mark hangs over the fate of contracts running into thousands of crores traded on the National Spot Exchange (NSEL). The consumer affairs department in a letter dated July 12 has sought an undertaking from the exchange that no further contracts will be launched and all existing contracts should be settled on their due dates, according to an official aware of the development.

Overnight, US markets edged up to new alltime highs. US retail sales increased 0.4 per cent last month, half of the rise economists polled by Reuters had forecast, according to US government released on Monday. The slowdown prompted economists to downgrade their second-quarter growth forecasts to an anaemic 1 per cent increase. A separate report on Monday showed that growth in New York state's manufacturing sector accelerated in July.

Major Asian markets edged higher on Tuesday, taking their cue from US shares after weaker-than-forecast retail sales growth backed the view that the US Federal Reserve will hold off reducing its bond-buying stimulus anytime soon.

Source : Equity Bulls

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