Sensex, Nifty To Follow Global Peers Higher After Powell's Speech

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(RTTNews) - Indian shares may open higher on Monday, tracking strong cues from global markets.

News surrounding Reliance AGM, India's GDP, manufacturing and fiscal deficit numbers, core sector output data and monthly auto sales figures may influence trading sentiment as the week progresses.

Last week, benchmark indexes Sensex and Nifty logged losses for the fifth straight week—the longest streak since the beginning of the week on April 15, 2022, tracking a stronger dollar and a rise in U.S. Treasury yields.

A hawkish tone from the recent RBI MPC meeting minutes also spooked investors.

Asian stocks traded higher this morning, with Chinese and Hong Kong markets climbing 2-3 percent, after Beijing announced new measures to support its capital market and revive investor confidence.

The new measures to woo investors came as data showed China's industrial profits extended a slump into a seventh month.

Gold traded marginally higher while the dollar eased from a 12-week high ahead of U.S. readings on U.S. jobs and inflation due this week that could decide whether interest rates have to rise again.

Oil prices were slightly lower on prospects of higher supply amid signs of easing sanctions on Iran and Venezuela.

U.S. stocks finished Friday's session on an upbeat note after Fed Chair Jerome Powell expressed confidence in continued economic growth and reiterated the central bank's commitment to pull inflation back to the 2 percent target.

Comments from other Fed officials also gave the market confidence that the Fed is nearing the end of its rate hiking cycle.

The Dow and the S&P 500 both rose about 0.7 percent while the tech-heavy Nasdaq Composite climbed 0.9 percent.

European markets closed on a mixed note Friday as investors reacted to Powell's comments at the Jackson Hole Symposium and encouraging economic data from the region. The pan European STOXX 600 ended flat with a negative bias. The German DAX and the U.K.'s FTSE 100 both finished marginally higher while France's CAC 40 rose 0.2 percent.

Euro Higher Against Majors

The euro appreciated against its major counterparts in the New York session on Friday.

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TSX Down Marginally In Lackluster Trade

Canadian stocks are turning in a mixed performance in somewhat lackluster trade on Friday, with investors focusing on the upcoming US - Russia summit that could help end the war in Ukraine.

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Swiss Market Ends On Firm Note

The Switzerland market ended on a firm note on Friday with stocks from across several sectors gaining ground on sustained buying support. The mood remained positive right through the day's session, amid some expectations about an end to the Ukraine war.

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European Stocks Close Mixed After Cautious Session

European stocks closed on a mixed note on Friday with investors largely staying cautious, awaiting the meeting of the Presidents of the U.S. and Russia, and continuing to assess Trump administration's tariff moves and their impact on global economic growth.

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U.S. Business Inventories Rise In Line With Estimates In June

A report released by the Commerce Department on Friday showed business inventories in the U.S. increased in line with economist estimates in the month of June. The Commerce Department said business inventories rose by 0.2 percent in June after coming in unchanged in May. The uptick matched expectations.

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U.S. Consumer Sentiment Unexpectedly Deteriorates In August

Consumer sentiment in the U.S. has unexpectedly deteriorated in the month of August, according to preliminary data released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index fell to 58.6 in August from 61.7 in July. Economists had expected the index to inch up to 62.0.

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U.S. Industrial Production Pulls Back Slightly In July

A report released by the Federal Reserve on Friday showed a modest decrease by U.S. industrial production in the month of July. The Fed said industrial production edged down by 0.1 percent in July after climbing by an upwardly revised 0.4 percent in June. Economists had expected industrial production to come in unchanged.

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New York Manufacturing Index Unexpectedly Climbs To Nine-Month High In August

The Federal Reserve Bank of New York released a report on Friday showing regional manufacturing activity unexpectedly grew at a faster rate in the month of August. The New York Fed said its general business conditions index climbed to 11.9 in August from 5.5 in July, with a positive reading indicating growth. Economists had expected the index to fall to 0.5.

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