Sensex, Nifty Set For Steep Sell-off As Dollar Resumes Rally

RTTNews | il y a 964

(RTTNews) - Indian shares look set to open on a tepid note Wednesday as markets price in slower growth in the near term because of higher interest rates and inflation.

The Reserve Bank of India (RBI) has a challenging task to balance growth and inflation while announcing its interest-rate decision on Friday. Economists expect a 50-bps hike in the repo rate to support a falling rupee.

Benchmark indexes Sensex and Nifty ended Tuesday's choppy session marginally lower, while the rupee settled 9 paise higher at 81.58 against the greenback, snapping a four-day losing streak.

Asian markets fell this morning and the dollar rally resumed, as the White House talked down the prospect of a currency agreement to weaken the greenback and comments from Federal Reserve Bank of St. Louis President James Bullard and San Francisco Federal Reserve Bank President Mary Daly underscored the need for tighter policy.

Apple Inc. scrapped plans to increase iPhone production, further weighing on sentiment. Oil prices tumbled in Asian trade after having risen sharply on Tuesday.

U.S. stocks gave up early gains to end mixed overnight as the dollar rebounded and Treasury yields surged after an initial move to the downside after the release of strong economic data.

New orders for U.S. manufactured durable goods showed a modest decrease in August, while new home sales unexpectedly rose in the month and a measure of consumer confidence improved more than expected in September.

The Dow dipped 0.4 percent and the S&P 500 eased 0.2 percent to reach their lowest closing levels since late 2020 while the tech-heavy Nasdaq Composite rose 0.3 percent.

European stocks fell on Tuesday after a volatile session on concerns about monetary tightening and a possible recession.

The pan European Stoxx 600 edged down 0.1 percent. The German DAX shed 0.7 percent, France's CAC 40 slipped 0.3 percent and the U.K.'s FTSE 100 dropped half a percent.

Thai Downgrades GDP Growth Outlook

Thailand's economy is projected to expand less than the previous estimate this year as trade tariffs are likely to dampen exports in the second half of the year, the National Economic and Social Development Council said Monday. Southeast Asia's second largest economy is forecast to grow in the range of 1.3 percent to 2.3 percent this year. This was down from the previous outlook of 2.3 percent-

RTTNews | il y a 1h 12min

European Shares Likely To Drift Lower On Concerns About US Debt

European stocks may open on a sluggish note Monday after Moody's downgraded the U.S. credit rating by one notch to Aa1 from Aaa, citing rising levels of government debt and interest payments.

RTTNews | il y a 1h 34min

Fijian Import & Export Recalls Ready-To-Eat Meat Pie Products

Hayward, California-based Fijian Import & Export Co. Inc. is recalling around 127 pounds of ready-to-eat meat pie products from Australia that were not presented for import reinspection upon entry into the United States, according to the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS. The recall involves 5.6-oz. plastic packages...

RTTNews | il y a 2h 4min

Sensex, Nifty Marginally Lower As IT Stocks Drag

Indian shares were flat to slightly lower on Monday, with IT stocks leading losses after a U.S. credit rating downgrade.

RTTNews | il y a 2h 44min

Australian Market Halves Early Losses In Mid-market

The Australian stock market is halving its early losses in mid-market trading on Monday, snapping an eight-session winning streak, despite the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling to near the 8,300.00 level, with weakness in iron ore miners, energy and financial stocks partially offset by gains in gold miners.

RTTNews | il y a 3h 43min

Asian Markets Trade Mostly Lower

Asian stock markets are mostly lower on Monday, following the positive cues from Wall Street on Friday, as traders react to surprise downgrade of the US government's credit rating by one notch to Aa1 by Moody's Ratings, being the last of the three major credit rating agencies to downgrade it. They also react to China announcing anti-dumping duties on plastics from the U.S., EU, Japan and Taiwan.

RTTNews | il y a 3h 59min

Sensex, Nifty Seen Lower On US Debt Concerns

Indian shares look set to open lower on Monday as investors fret about the changing geo-political landscape in India's neighborhood as a new bonhomie between Bangladesh, China and Pakistan takes shape silently.

RTTNews | il y a 4h 30min

Thai Bourse May Reclaim 1,200-Point Plateau

The Thai stock market has alternated between positive and negative finishes through the last eight trading days since the end of the five-day winning streak in which it had advanced more than 50 points or 4.3 percent. The Stock Exchange of Thailand now sits just above the 1,195-point plateau and it's expected to open to the upside again on Monday.

RTTNews | il y a 5h 11min

EURUSD	1.12138	GBPUSD	1.33314	AUDUSD	0.64164
USDJPY	145.045	USDCAD	1.39582	USDCHF	0.83438

Advertisement

Sensex, Nifty Set For Steep Sell-off As Dollar Resumes Rally