Sensex, Nifty Seen Opening Up After Strong GDP Data

(RTTNews) - Indian shares look set to open on a positive note on Monday as new data suggested the Indian economy remains on a solid footing.

The GDP print for the first quarter stood at 7.8 percent, the highest in five quarters and coming well above the consensus estimate of 6.8 percent.

Traders may also react to Prime Minister Narendra Modi's first visit to China in 7 years, with both leaders stressing that India and China are "partners, not rivals".

Asian markets were mixed this morning after a sell-off in technology stocks hit Wall Street Friday and a U.S. court ruling added uncertainty to trade tariffs.

U.S. tech stocks fell sharply on Friday as weak earnings at a large chip designer fed investors' concerns about slowing growth across the artificial intelligence sector.

A U.S. federal appeals court has delivered a stunning legal blow to President Donald Trump's trade policy, ruling that the majority of his sweeping tariffs were illegal and that the president overstepped his authority in imposing a series of tariffs -- including duties on China, Mexico, and Canada—under the International Emergency Economic Powers Act.

For now, the duties remain in place until October 14, giving the Trump administration a window to appeal to the Supreme Court.

Criticizing the ruling on Truth Social, Trump warned that without the tariffs, the country would be "completely destroyed" and its military power "instantly obliterated."

In another significant development, the U.S. Commerce Department has revoked exemptions that allowed Intel, Samsung and SK Hynix to import advanced chipmaking tools for use at their Chinese fabs without prior approval.

There was also some disappointment on the data front. An official survey showed that China's manufacturing activity shrank for a fifth straight month in August due to weak demand amid trade uncertainty.

The U.S. dollar weakened in Asian trade ahead of the closely watched monthly jobs report along with reports on manufacturing and service sector activity due later in the week.

Gold held firm near $3,460 per ounce on Fed rate cut hopes while Brent crude futures extended declines after notching their first monthly loss since April on concerns over a potential glut.

U.S. stocks ended lower on Friday as new data revealed rising prices remain a risk heading into September.

Data showed core PCE, a key inflation measure watched by the Federal Reserve which excludes the costs of food and energy, rose 2.9 percent in July, matching estimates but accelerating from the prior month to reach its highest level since February.

The S&P 500 declined 0.6 percent but notched its fourth winning month in a row. The tech-heavy Nasdaq Composite lost 1.2 percent and the Dow slipped 0.2 percent.

European stocks fell on Friday as investors watched rising clashes in Gaza and Ukraine as well as political uncertainty in France.

The pan European STOXX 600 gave up 0.6 percent. The German DAX dipped 0.6 percent, France's CAC 40 shed 0.8 percent and the U.K.'s FTSE 100 eased 0.3 percent.