Sensex, Nifty Set To Follow Wall Street Lower On US Recession Fears

RTTNews | 1375 days ago

(RTTNews) - Indian shares may open on a tepid note Wednesday as investors look ahead to the Reserve Bank of India's monetary policy announcement later in the day.

Economists expect a 35-basis point hike in rates and a dovish view on future policy action.

A strengthening dollar may also weigh on sentiment as investors await the outcome of next week's Federal Reserve meeting.

While the Fed is widely expected to slow the pace of interest rate hikes, recent upbeat economic data has raised concerns about how much further the central bank will raise rates at future meetings.

A lot of key U.S. data is due to be released before the next meeting in late January/early February.

Benchmark indexes Sensex and Nifty fell around 0.3 percent each on Tuesday while the rupee fell about 1 percent on foreign fund outflows as upbeat U.S. jobs and service sector data rekindled fears of aggressive Fed rate hikes.

Asian markets traded mostly lower this morning, the dollar edged lower, and gold struggled for momentum as top executives from the biggest U.S. banks warned that stubbornly high inflation could trigger a U.S. economic recession next year.

U.S. stocks fell sharply overnight to extend losses from the previous session as signs of a resilient economy cast doubt on the Fed easing rate hikes.

The Dow lost 1 percent, the tech-heavy Nasdaq Composite tumbled 2 percent and the S&P 500 shed 1.4 percent.

European stocks closed lower on Tuesday after ECB chief economist Philip Lane said in an interview that interest rates will need to rise several more times to rein in inflation.

The pan European STOXX declined 0.6 percent. The German DAX slipped 0.7 percent, France's CAC 40 index eased 0.1 percent and the U.K.'s FTSE 100 dipped 0.6 percent.

U.S. Dollar Ticks Higher Amid Inflation Data Release, Expectations Of Reopening Of Strait Of Hormuz

The U.S. Dollar value inched higher as investors weighed today's inflation data that pushed the odds for a rate hike in the U.S. higher against reports of an upcoming meeting between the Gulf Cooperation Council nations and Iran to hasten the reopening of the Strait of Hormuz.

RTTNews | 10h 28min ago

TSX Climbs On Tech Rally, Looks Set To End 6-day Losing Streak

The S&P/TSX Composite Index rose 0.36% Friday to 35,634.50 as technology stocks surged 3.5%, contributing significantly to gains. Oil prices fell following International Energy Agency's downward global oil demand forecast revision.

RTTNews | 12h 44min ago

Swiss Market Ends Modestly Higher

The Switzerland stock market closed modestly higher on Friday, in line with markets across Europe, as a sharp drop in oil prices helped lift sentiment.

RTTNews | 13h 17min ago

European Markets Rise As Oil Prices Fall On IEA Demand Cut

European markets gained ground Friday after the International Energy Agency cut its global oil demand forecast, sending Brent crude futures down 3.5% to $103.50. The IEA now projects world oil demand will drop 2.5 million barrels per day this year versus its prior estimate of 1.6 million bpd.

RTTNews | 13h 40min ago

U.S. Consumer Sentiment Deteriorates Much More Than Expected In September

A report released by the University of Michigan on Friday showed consumer sentiment in the U.S. has deteriorated by much more than anticipated in the month of September. The University of Michigan said its consumer sentiment index slumped to 47.8 in September after tumbling to 51.7 in August. Economists had expected the index to edge down to 51.0.

RTTNews | 17h 1min ago

CPSC Recalls: 2.3 Mln Candy Bottles, Motorcycles, Dressers, Dual Fuel Ranges, Fire Spray Canisters

The U.S. Consumer Product safety Commission or CPSC has announced various recalls including more than 2.3 million sour crush candy bottles, motorcycles, six-drawer dressers, dual fuel ranges, hair dryer brushes, and fire spray canisters, among others. In most of the recalls, consumers are urged to immediately stop using the recalled product, and contact the respective firm for either a free repair

RTTNews | 17h 10min ago

U.S. Consumer Price Growth Matches Estimates, Core Prices Rise Slightly More Than Expected

A closely watched report released by the Labor Department on Friday showed consumer prices in the U.S. increased in line with economist estimates in the month of August, although core prices rose by slightly more than expected. The Labor Department said its consumer price index climbed by 0.4 percent in August after inching up by 0.1 percent in July.

RTTNews | 17h 50min ago

U.S. Consumer Prices Increase In Line With Estimates In August

A closely watched report released by the Labor Department on Friday showed consumer prices in the U.S. increased in line with economist estimates in the month of August.

RTTNews | 18h 52min ago

EURUSD	1.1598	GBPUSD	1.3518
USDJPY	153.62	USDCAD	1.387