Losing Some Steam?

Wall Street sold off despite gains in Europe as well as Asia earlier. The job openings data in the US for July was stronger than expected. 

US job openings are at the highest level since the series started back in 2000. In Europe Stoxx-600 was up 1.3%. The Dollar rose, oil prices fell (EIA cut its demand forecast), copper was up a little and gold was down over 1.5%. In Asia this morning Nikkei is down the most ((Nikkei saw a big near 8% jump yesterday). Other Asian markets are all lower as well.

Coming to India, markets will start lower in-line with global cues. FIIs sold $68 million worth of stock yesterday while locals bought $179 million. The local retail sentiment remains seemingly strong as data shows us. 

In August even as markets fell domestic mutual funds continued to witness strong inflows into equity mutual funds. The number for August is Rs 9,000 crores plus. Will the flows hold as strong if markets take a dive again? The director general of safeguards has recommended a 20% safeguard duty on imported HRC steel. Steel stocks have moved up 10-15% in last few days, but remain severely oversold. Telecom stock rally yesterday didn't see any meaningful open interest changes.