Indian Shares Seen Modestly Higher At Open

(RTTNews) - Indian shares look set to open on a positive note on Monday, tracking firm cues from global markets as fears of an imminent Federal Reserve rate hike eased.

U.S. employers unexpectedly cut jobs in July and hiring figures for the prior two months were also revised downward, helping ease the risk of an immediate U.S. interest-rate hike.

On the geopolitical front, Iran's parliamentary Committee on National Security and Foreign Policy has approved its own bill on managing the Strait of Hormuz.

Iran and Oman remain short of a final deal as Tehran demanded major concessions before reopening the critical waterway.

Tehran stressed that the United States must meet a number of conditions - including compensation, the lifting of sanctions, and an end to military threats - before access to the strategic waterway is restored.

U.S. President Donald Trump signaled patience and suggested that he's prepared to allow economic pressure on Iran to mount rather than escalate militarily.

Meanwhile, Iran-aligned Houthi forces have attacked Saudi Aramco's Jazan refinery, two days after the kingdom signed a defense pact with Turkey and Pakistan.

Elsewhere, UAE-based Abu Dhabi National Oil Company said 15 of its vessels had come under attack while transiting the Strait of Hormuz since the conflict began.

Asian markets were mostly higher this morning while Treasury yields retreated and the U.S. dollar held near a two-month low ahead of key U.S. inflation data due this week. Gold slipped to $4,320 an ounce after surging over 7 percent to reach its highest level in seven weeks on Friday.

Brent crude futures traded up more than 1 percent at $84.45 a barrel, building on gains of more than 5 percent over the previous three session amid signs the Strait of Hormuz will not return to normal anytime soon.

U.S. stocks advanced on Friday and Treasury yields fell as sluggish jobs data helped reduce the chances of a Federal Reserve rate hike next month.

Data showed non-farm payroll employment fell by 23,000 jobs in July after an increase of downwardly revised 20,000 jobs in June. Economists had expected an increase of 88,000 jobs.

The jobless rate edged down to 4.1 percent while the labor-force participation rate fell to its lowest level in more than five years.

The S&P 500 gained 0.6 percent to reach a new record closing high, while the Dow rose 0.3 percent and the tech-heavy Nasdaq Composite surged 1.3 percent.

European stocks closed higher on Friday as investors weighed softer U.S. jobs data and a generally positive earnings season.

The pan-European STOXX 600 edged up 0.3 percent, marking a fourth consecutive record close.

The German DAX rose 0.7 percent, France's CAC 40 inched up 0.2 percent and the U.K.'s FTSE 100 added 0.3 percent.