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PremiumSensex Today Live Updates : European assets found some footing on Tuesday, a day after the announcement of a snap election in France had driven them lower, while investor attention began to turn to the double whammy of U.S. inflation data and a Federal Reserve meeting on Wednesday.
Europe's STOXX 600 index was flat with France's CAC40 up 0.3%, having tumbled 1.35% on Monday.
The euro was steady at $1.0767 after shedding 0.33% the day before, but French government bonds remained under pressure, and its 10-year yield rose 2 basis points to 3.26% having jumped 8 bps on Monday.
With Germany's 10-year yield steady at 2.67%, the spread between the two, a gauge of the premium investors require to hold French debt rather than the euro zone benchmark, widened to 58.6 basis points, its most since January.
The far-right National Rally was forecast on Monday to win a snap election in France but fall short of an absolute majority in the first opinion poll published after President Emmanuel Macron's shock decision to dissolve parliament.
"Snap elections in France was a surprise and raises concern over the reform process when the deficit picture in France is already weak," Mohit Kumar, chief Europe economist at Jefferies, said in a note.
"However, we do not think that political uncertainty opens the door for instability in the Euro area or a break-up of the Euro area. Hence, we would not translate a short France view into a short Italy or Spain view."
Across the channel, investors were digesting data showing Britain's labour market showed more signs of cooling in April as the unemployment rate rose.
While this is unwelcome news for Prime Minister Rishi Sunak ahead of a July 4 election, it could enable the Bank of England to cut interest rates in August. Next week's inflation data will offer a better guide however.
Investors in British mid caps welcomed the news with the sector share index up 0.3%. The pound was down a fraction against the dollar at $1.2723, though the 10 year gilt yield fell 2 basis points to 4.30%.
Elsewhere, markets gave a muted reaction to Apple's long-awaited AI strategy, which integrates "Apple Intelligence" technology across a suite of apps. The iPhone maker's shares shed 0.3% in after hours trade, having slipped 1.9% in normal hours on Monday.
S&P 500 futures and Nasdaq futures both eased 0.1%.
Moves in Asia were mostly modest, with MSCI's broadest index of Asia-Pacific shares outside Japan dipping 0.5% in thin trade. Chinese blue chips fell 1.2%, having been shut on Monday, while the yuan hit a seven-month low.
The biggest scheduled economic developments of the week are due on Wednesday, with U.S. consumer price inflation and the Federal Reserve policy decision.
The Fed is considered certain to hold steady at the conclusion of its two-day meeting on Wednesday, with the focus on whether it keeps three rate cuts in its "dot plot" projections for this year.
"We expect the dots to show two cuts in 2024, four cuts in 2025, three cuts in 2026 and a slight tick up in the longer-run or neutral rate," said analysts at Goldman Sachs in a note.
"We think the leadership would prefer a two-cut baseline to retain flexibility, but a one-cut baseline is a possible risk, especially if core CPI surprises to the upside on Wednesday."
The consumer price index (CPI) is forecast to rise a slim 0.1% in May, but with the core up 0.3%.
Rate futures imply 38 basis points of Fed easing for this year, compared to 50 bps before the jobs report.
The other central bank meeting this week is the Bank of Japan, which might decide to taper its bond buying at a policy meeting ending on Friday, as a step toward another rate hike.
Assuming markets aren't disappointed by the size of the change, this could support the embattled yen. The dollar was up 0.2% at 157.38 yen, its highest in a week
Gold was just above one-month lows at $2,306 an ounce, after getting whiplashed by the pullback in market pricing for U.S. rate cuts.
Oil prices consolidated Monday's 3% rally, as investors awaited monthly oil supply and demand data from the U.S. Energy Information Administration and OPEC on Tuesday, and the International Energy Agency on Wednesday.
Brent futures were steady at $81.62 a barrel.
Sensex Today Live : Indian benchmark indices pulled back from their intraday highs in the closing hours of the trading session on Tuesday as globally muted cues weighed on market sentiment here, even as investors booked some profit near record high levels.
Sensex, which had opened lower at 76,680.90, remained rangebound between 76,296.44 and 76,860.53, through the day. At close, Sensex was at 76,456.59, down 33.49 points, or 0.04%.
In contrast, Nifty 50, which had also opened lower at 23,283.75, and traded between a narrow range of 23,206.65 and 23,389.45, through the day, closed at 23,264.85, up 5.65 points, or 0.02%.
Meanwhile, 15 of the 30 stocks on the BSE Sensex closed in the red. Kotak Mahindra Bank, Asian Paints, Reliance Industries, ITC, and Sun Pharma, were the top drags for the day, while Larsen & Toubro, Tata Motors, Maruti Suzuki India, NTPC, and UltraTech Cement were the top gainers.
On the Nifty 50, 22 of the 50 stocks closed in the red. Kotak Mahindra Bank, Divi's Laboratories, ITC, Reliance Industries, and Dr Reddy's, were the top losers, while ONGC, Tata Motors, Larsen & Toubro, Adani Ports & SEZ, and Maruti Suzuki India, were the top gainers for the day.
The broader market outperformed the benchmark indices, with the BSE SmallCap index gaining 0.95% and the BSE MidCap climbing 0.74%.
Meanwhile, many heavyweigh sectoral indices, like bank, financial services, pharma, healthcare, and FMCG closed in the red, while others like oil & gas, media, realty, auto, and consumer durables gained.
Sensex Today Live : Many heavyweigh sectoral indices like bank, financial services, pharma, healthcare, FMCG and IT were trading in the red, while others like oil & gas, media, realty, auto, and consumer durables were leading the gains.
Sensex Today Live : The broader market was outperforming the benchmark indices, with the BSE SmallCap index gaining 1.08% and the BSE MidCap climbing 0.81%.
Sensex Today Live : 20 of the 50 stocks on the Nifty 50 were trading in the red. Kotak Mahindra Bank, Divi's Laboratories, Dr Reddy's, Reliance Industries, and ITC were the top losers, while ONGC, Tata Motors, Larsen & Toubro, Adani Ports & SEZ, and Mahindra & Mahindra, were the top gainers.
Sensex Today Live : 12 of the 30 stocks on the BSE Sensex were trading in the red. Kotak Mahindra Bank, Asian Paints, Reliance Industries, Sun Pharma, and ITC were the top drags, while Larsen & Toubro, Maruti Suzuki India, Tata Motors, Mahindra & Mahindra, and UltraTech Cement were the top gainers.
Sensex Today Live : Indian benchmark indices were up after opening in the red on Tuesday, even as global cues weighed on market sentiment.
At 3 pm, Sensex was up 84.45 points, or 0.11%, at 76,574.53 and Nifty was up 33.85 points, or 0.15%, at 23,293.05.
Sensex Today Live : Vedanta Group-owned Cairn Oil & Gas has announced the implementation of Alkaline Surfactant Polymer (ASP) flooding in the Mangala oil field in Barmer, Rajasthan, marking the largest commercial injection implemented in any oil and gas field in India, and amongst the very few done globally.
Cairn implemented this largest commercial injection at the MWP-1 &19 ASP Project site in the Mangala field. The efforts are expected to yield about 20% additional oil recovery in the targeted area, the company said in an exchange filing.
Alkaline Surfactant Polymer (ASP) is a unique enhanced oil recovery method where polymer and surfactants are injected into the matured fields to increase recovery. The injection of ASP allows an increase in recovery in matured fields by up to 60% using polymers and surfactants, instead of just 40% using polymers alone.
Sensex Today Live : Indian benchmark indices were up after opening in the red on Tuesday, even as global cues weighed on market sentiment.
At 2 pm, Sensex was up 296.80 points, or 0.39%, at 76,786.88 and Nifty was up 111.80 points, or 0.48%, at 23,371.
Sensex Today Live : The newly elected government inherits a robust economy, bolstered by three years of vigorous growth and prudent fiscal management. However, the surprising election results hint at a disparity between the reported growth figures and the actual economic conditions, posing potential risks.
The focus is on consumption demand, contributing 56% to India’s GDP. The growth in Private Final Consumption Expenditure (PFCE) has seen a slowdown over the last two years. Inflation and stagnant wages have impacted rural consumption, leaving urban consumers to drive spending. Consequently, the Reserve Bank of India’s consumer confidence index, primarily based on an urban survey, has rebounded to pre-pandemic levels. This underscores the critical role of urban consumers in keeping the economy buoyant amidst challenging conditions. (Read the full story here.)
Sensex Today Live : Adani Enterprises-backed Adani Defence & Aerospace today announced that it has signed a cooperation agreement with UAE-based EDGE Group to cater to the requirements of global and local customers.
This includes evaluating cooperation across EDGE’s and Adani’s core product domains, including missiles & weapons covering airborne, surface, infantry, ammunition, and air defence products, platforms and systems covering unmanned aerial systems (UAS), loitering munitions, counter drone systems, unmanned ground vehicles (UGV), as well as electronic warfare (EW) and cyber technologies, the company said in an exchange filing.
The agreement will explore the establishment of R&D facilities in India and the UAE; the setting up of development, production, and maintenance facilities of defence and aerospace solutions to not just serve the two captive markets, but also Southeast Asian and wider global markets, it added.
Sensex Today Live : Indian benchmark indices were up after opening in the red on Tuesday, even as global cues weighed on market sentiment.
At 1 pm, Sensex was up 194.91 points, or 0.25%, at 76,684.99 and Nifty was up 70.80 points, or 0.3%, at 23,330.
Sensex Today Live : Persistent Systems today announced that it has signed a long-term Strategic Partnership Agreement with Google Cloud for expanded reach across the US, India, UK, and Australia.
This agreement focuses on driving joint go-to-market activities and accelerating digital transformation for enterprises globally, the company said in an exchange filing.
Using Google Cloud’s Gemini models, along with other innovative Google technologies, the company will develop industry-specific solutions to drive broad-based GenAI adoption, it added.
Under this strategic agreement, Persistent will leverage its deep domain expertise, combined with Google Cloud’s advanced platforms and AI, to create innovative solutions tailored for the BFSI, Healthcare and Life Sciences, Communications, Media and Telecom, Consumer Tech, and Hi-Tech industries, it said.
Sensex Today Live : All the sectoral indices were trading in the green, with gains led by Realty, Auto, and Oil & Gas indices.
Sensex Today Live : The broader market was outperforming the benchmark indices, with the BSE SmallCap gaining 1.05% and the BSE MidCap climbing 1.01%.
Sensex Today Live : 16 of the 50 stocks on the Nifty 50 were trading in the red. Dr Reddy's, Kotak Mahindra Bank, BPCL, Eicher Motors, and ITC were the top drags, while ONGC, Larsen & Toubro, Tata Motors, Hero MotoCorp and Britannia Industries were the top gainers.
Sensex Today Live : 11 of the 30 stocks on the BSE Sensex were trading in the red. Asian Paints, Kotak Mahindra Bank, ITC, JSW Steel, and IndusInd Bank were the top drags, while Larsen & Toubro, Tata Steel, Tata Motors, Tech Mahindra, and Mahindra & Mahindra were the top gainers
Sensex Today Live : Indian benchmark indices were up after opening in the red on Tuesday, even as global cues weighed on market sentiment.
At 12 pm, Sensex was up 163.25 points, or 0.21%, at 76,653.33 and Nifty was up 61.10 points, or 0.26%, at 23,320.30.
Sensex Today Live : RailTel Corporation of India today announced that it has received a work order worth ₹11.24 crore from the Ministry of Defence for the creation of a RailTel PoP at a site specified by the ministry.
Sensex Today Live : Tata Steel today expressed concern over UK media reports suggesting that its £1.25 billion investment in restructuring its Port Talbot facility will be jeopardised due to the policy differences between the UK government and the opposition.
The company urgest the incoming government to safeguard the agreed terms of the £500 million government support package for the the Electric Arc Furnace project announced in September 2023.
Sensex Today Live : PTC India Rating: REDUCE
Target Price : ₹207
Upside : 1%
CMP : ₹204 (as on 10 June 2024)
Trading volumes up by 10% in Q4
Volume mix – Keen on pivoting to high-margin segments
Volume of short-term trades increased 17% YoY to 11,789MU and volumes of medium- and long-term trades declined 1.6% to 6,235MU. Short-term volume comprised 65% of total volume in Q4FY24 and long- and medium-term volume 30% and 5%, respectively.
PTCIN seeks to keep the proportion of short-term trades and long- and medium-term trades at 50-50. Long- and medium-term segments are high-margin segments for PTCIN.
We revise FY25E-26E earnings and maintain Reduce with TP unchanged at ₹207.
We value the standalone operations at ₹119 per share on 9.0x FY26E P/E. We ascribe a value of ₹49 per share to PTCIN’s investment in PFS, ₹25 per share to its investment in PTC Energy, ₹7 per share to its investment in HPX and ₹7 per share for cash and other investments.
Sensex Today Live : The Reserve Bank of India has rejected Edelweiss Asset Reconstruction Company's proposal to re appoint Raj Kumar Bansal as the managing director and CEO of the company, the company announced on Tuesday.
Bansal, who currently holds the position, also presides as the Chairman of the Association of ARCs in India. Recently, the RBI had also imposed restrictions on Edelweiss ARC and ECL Finance, a subsidiary of the Edelweiss Group, prohibiting them from purchasing financial assets or conducting structured transactions due to their involvement in the “evergreening" of distressed loans, as of May 29.
Sensex Today Live : Indian benchmark indices were up after opening in the red on Tuesday, even as global cues weighed on market sentiment.
At 11 am, Sensex was up 152.49 points, or 0.20%, at 76,642.57 and Nifty was up 59.60 points, or 0.26%, at 23,318.80.
Sensex Today Live : Repco Home Finance today informed the exchanges that K Lakshmi, CFO of the company, has tendered her resignation, citing personal reasons.
In an exchange filing, the company said, "This is to hereby inform that Mrs. K.Lakshmi has tendered her resignation as Chief Financial Officer of the company vide letter dated 10th June, 2024 due to personal reasons as indicated in her resignation letter".
The date of her relieving will be intimated subsequently once mutually agreed, the company added in its exchange filing.
Sensex Today Live : Suzlon Energy today announced a new order win for the development of 103.95 MW wind power project for AMPIN Energy Transition Private Limited.
Suzlon will install 33 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each at the client’s site in the Fatehgarh district in Rajasthan, the company said in an exchange filing.
This order is for the company's larger rated 3.15 MW, S144‐140m turbines from the 3 MW product series it added. As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project, including erection and commissioning. Suzlon will also undertake comprehensive operations and maintenance services post‐commissioning, the company said.
Sensex Today Live : Barring Financial Services and the Healthcare indices, which were down marginally, all other sectoral indices were trading in the green.
The Realty index was the biggest gainer, followed by the Media, Oil & Gas, Metal and PSU Bank indices.
Sensex Today Live : Indian benchmark indices were trading on a muted note after opening in the red on Tuesday, as global cues weighed on market sentiment.
At 10 am, Sensex was up 13.92 points, or 0.02%, at 76,504 and Nifty was up 11.90 points, or 0.05%, at 23,271.10.
Sensex Today Live : The broader market was outperforming the benchmark indices, with the BSE SmallCap gaining 0.71% and the BSE MidCap climbing 0.60%.
Sensex Today Live : 15 of the 50 stocks on the Nifty 50 were tradin in the red. Kotak Mahindra Bank, Dr Reddy's, Shriram Finance, Bharti Airtel, and BPCL, were the top drags, while ONGC, Britannia Industries, Larsen & Toubro, Mahindra & Mahindra, and UltraTech Cement, were the top gainers.
Sensex Today Live : 10 out of the 30 stocks on the BSE Sensex were trading in the red. Asian Paints, Kotak Mahindra Bank, Reliance Industries, Bharti Airtel, and JSW Steel, were the top drags, while Larsen & Toubro, Mahindra & Mahindra, UltraTech Cement, Tata Steel, and NTPC, were the top gainers.
Sensex Today Live : L&T Technology Services today announced a collaboration with IIT Hyderabad aimed at fostering advancement in the domains of Advanced Driver Assistance Systems (ADAS) and Cellular Vehicle-to-Everything (CV2X) communication.
LTTS and IIT Hyderabad’s engagement is designed to facilitate research and application of ADAS and CV2X technologies, with a focus on elevating road safety, efficiency, and the overall driving experience, the company said in an exchange filing.
The project encompasses recent advancements within ADAS and CV2X technologies and provides a comprehensive exploration of development of state-of-the-art features within Advanced Driver Assistance Systems, such as collision avoidance, lane departure warning, pedestrian detection, and adaptive cruise control, the company added.
Additionally, it will focus on the integration of AI-driven algorithms and sensor technologies to enhance real-time hazard recognition and response capabilities, as well as the research and development of robust communication frameworks for Cellular Vehicle-to-Everything communication.
Sensex Today Live : The company has secured orders worth ₹12.87 crore and ₹10.94 crore from two separate wagon manufacturers.
Sensex Today Live : The company has appointed Deepak Natarajan as an additional non-executive director, effective from June 10.
Sensex Today Live : Cintra, a subsidiary of Spanish infrastructure group Ferrovial, is expected to sell up to a 5% stake in IRB Infrastructure Developers through a block deal. The deal, priced between ₹63-70.16 per share, represents up to a 10.2% discount to the last closing price. The transaction size is approximately ₹1,900.3 crore at the lower end of the price band.
Sensex Today Live : The company has set a floor price of ₹699.95 per share for fund-raising through a qualified institutional placement.
Sensex Today Live : Rail Vikas Nigam Limited has been selected as the lowest bidder by Central Railway for work in the Amla-Nagpur Section in the Nagpur division of Central Railway, aiming to achieve a 3000 MT loading target. Separately, a consortium of Siemens and RVNL has secured a contract worth ₹394 crore from Bangalore Metro Rail Corporation Ltd (BMRC), which involves engineering, supply, erection, testing, and commissioning of various systems, to be executed within 130 weeks.
Sensex Today Live : Interglobe Enterprises, a promoter entity of Rahul Bhatia, is planning to sell a stake worth $394 million in Indigo Airlines’ parent company, Interglobe Aviation, via a block deal. The entity currently holds a 37.75% stake in Interglobe Aviation. The proposed sale, which marks the first time in many years that Bhatia is looking to unlock value, involves offloading around 2% of his stake in the company.
Sensex Today Live : Indian benchmark indices opened in the red on Tuesday, as global cues weighed on market sentiment.
At opening bell, Sensex was down 33.93 points, or 0.04%, at 76,456.15 and Nifty was down 14.65 points, or 0.06%, at 23,244.55.
Sensex Today Live : Tata Technologies today announced the successful deployment of SAP S/4 HANA for Mitsubishi Electric India Pvt. Ltd., marking a significant milestone in Mitsubishi Electric India’s journey towards digital excellence.
In a concerted effort to streamline and unify its business processes, Mitsubishi Electric India approached Tata Technologies. Known for its deep manufacturing domain expertise, Tata Technologies reimagined and integrated business operations by deploying SAP S/4 HANA, leading to a remarkable 15% enhancement in operational efficiency, the company said in an exchange filing.
Sensex Today Live : Indian benchmark indices were in the green at pre-open on Tuesday, as global cues weighed on market sentiment.
Sensex was up 191.22 points, or 0.25%, at 76,681.30 and Nifty was up 24.55 points, or 0.11%, at 23,283.75 during pre-open.
"A strong pillar of support for this bull market has been the mutual fund industry which is witnessing sustained inflows. The ₹34,697 crore net inflows into equity funds in May and monthly SIP inflows touching ₹20,904 in May indicate that this domestic support to the market will continue despite the FII selling. FIIs turning buyers during the last two days and covering their shorts will support the market in the near-term.
BJP keeping the key portfolios signals continuity in policies. This is a positive from the market perspective. From the fundamental perspective, the 25% increase in corporate profitability in FY24 augurs well for the market."
--Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Sensex Today Live : IndiGo, RVNL, TaMo, Vi, IRB Infrastructure, Jubilant Foodworks, are a few stocks likely to be in focus on Tuesday, June 11.
"This Tuesday brings multiple positives: the monsoon hits Mumbai early, Nirmala Sitharaman returns as finance minister ensuring policy continuity, Nifty and Sensex reached record highs, FIIs and DIIs were net buyers with significant purchases, and Wall Street trades higher with the Fed likely to maintain rates. The market is expected to trade with a positive bias, bolstered by this news and upcoming key economic data releases. Notably, TDP MP Ram Mohan Naidu is the new Civil Aviation Minister. Preferred trades are Nifty at 23100-23150 (targets 23500/23751) and Bank Nifty at 49300-49500 (targets 50100/50701). Bullish stocks include Balkrishna Industries, Bank of Baroda, IEX, and Indigo."
--Prashanth Tapse, Senior VP (Research), Mehta Equities
Sensex Today Live : Despite mixed global signals, India’s key indices, Sensex and Nifty 50, are poised for a positive opening on Tuesday. This optimism is also reflected in the Gift Nifty trends, which traded around 23,279.50, nearly 50 points above the previous Nifty futures’ close of 23,230.00.
However, Monday saw a dip in the Sensex and Nifty 50, driven by IT stocks’ decline due to concerns over US interest rate cuts. This retreat followed the indices’ initial rise to record highs, marking a pause after a significant post-election surge. Specifically, the NSE Nifty 50 index dropped by 0.13% to 23,259.20, and the S&P BSE Sensex fell by 0.27% to 76,490.08, after both had initially grown by approximately 0.5%.
Vinod Nair, Head of Research at Geojit Financial Services, suggests that the Indian market is currently devoid of fresh catalysts following the formation of the new central government, hinting at potential consolidation in the near term. Institutional flows exhibit a mixed pattern, with Foreign Institutional Investors (FIIs) consistently covering their short positions and Domestic Institutional Investors (DIIs) capitalizing on the market’s historic highs. (Read the full story here.)
Sensex Today Live : The Indian markets looked poised to open on a muted to positive note, with the developing political uncertainty weighing on market sentiment globally.
In India, Gift Nifty futures were trading at 22,284, marginally ahead of Nifty 50's Monday close of 22,259.
Asian stocks traded in a narrow range on Tuesday, as investors pondered fresh political uncertainty in European markets after right-wing gains in elections and a snap poll in France revived concerns about the cohesion of the bloc.
Moves were modest, with MSCI's broadest index of Asia-Pacific shares outside Japan dipping 0.4% in thin trade, with Chinese blue chips off 0.7%.
Going the other way, Japan's Nikkei firmed 0.3% and South Korea stocks rose 0.5%.
EUROSTOXX 50 futures also edged up 0.2%, steadying after Monday's retreat, while FTSE futures rose 0.1%.
The euro, French stocks and government debt had been shaken after investors assessed whether the right wing can repeat their success in French elections and how much sway far-right parties can have on the new European Union executive.
Bond yields rose across Europe, with the spread between French and German debt widening notably, after an opinion poll suggested the far-right National Rally could win the snap election, albeit without a clear majority.
Elsewhere, markets gave a muted reaction to Apple's long-awaited AI strategy, which integrates "Apple Intelligence" technology across a suite of apps. The iPhone maker's shares were down 0.3% in after hours trade, having slipped 1.9% in normal hours.
S&P 500 futures and Nasdaq futures both eased 0.1% in Asian trading, after edging higher on Monday.
The market has, so far, proven remarkably resilient to the jump in U.S. yields that followed Friday's jobs report and the pull back in expectations for Federal Reserve rate cuts.
"We see diminished prospects for easing this year, and now expect the first Fed cut only in November," analysts at JPMorgan said.
"Equities seem to be ignoring the plethora of risks, including politics, geopolitics, the narrow market concentration and the surge in meme stock and crypto trading that may signal froth," they added. "As such, we maintain a defensive tilt in our model portfolio."
Futures imply 37 basis points of Fed easing for this year, compared to 50 bps before the jobs report.
The Fed is considered certain to hold steady at its policy meeting on Wednesday, with the focus on whether it keeps three rate cuts in its "dot plot" projections for this year.
"We expect the dots to show two cuts in 2024, four cuts in 2025, three cuts in 2026 and a slight tick up in the longer-run or neutral rate," said analysts at Goldman Sachs in a note.
"We think the leadership would prefer a two-cut baseline to retain flexibility, but a one-cut baseline is a possible risk, especially if core CPI surprises to the upside on Wednesday."
The consumer price index (CPI) is forecast to rise a slim 0.1% in May, but with the core up 0.3%.
In currency markets, the euro steadied around $1.0766 , after hitting a one-month low overnight at $1.0733. It has lost about 1.1% in the past two sessions, undermined by the U.S. jobs reports and political uncertainty.
The dollar was broadly supported at 157.17 yen and just short of its May top of 157.715.
The weakness of the yen is one reason the Bank of Japan (BoJ) might decide to taper its bond buying at a policy meeting on Friday, as a step toward another rate hike.
Gold was just above one-month lows at $2,306 an ounce , after getting whiplashed by the pullback in market pricing for U.S. rate cuts.
Oil prices consolidated Monday's 3% rally, as various investment banks tipped strong summer demand for fuel and potential U.S. crude purchases for its petroleum reserve.
Markets are also awaiting monthly oil supply and demand data from the U.S. Energy Information Administration and OPEC on Tuesday, and the International Energy Agency on Wednesday.
Brent dipped 4 cents to $81.59 a barrel, while U.S. crude was unchanged at $77.74 per barrel.
