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Indian Shares May See Muted Start As Fed Worries Linger
(RTTNews) - Indian shares are likely to open on a cautious note Monday, tracking a muted trend elsewhere across other Asian markets.
India's trade deficit widened to $28.68 billion in August, as imports climbed by 37 percent and exports remained flat during the month, commerce ministry data released on Friday showed.
Separate data showed India's foreign exchange reserves dipped by $3 billion in the week ending August 26 as a result of RBI intervention in the forex market to prevent the rupee's slide.
Asian stocks were broadly lower this morning amid news of more coronavirus lockdowns in China and a worsening energy crisis in Europe after Russia shut down the Nord Stream 1 pipeline yet again.
Gold inched lower on dollar strength while oil prices surged more than $1 a barrel in Asian trade ahead of a meeting of OPEC+ producers to decide on output cuts.
U.S. stocks fell on Friday to cap their straight weekly decline after data showed hiring slowed in August, as widely expected, and the unemployment rate ticked up to 3.7 percent.
A separate report showed a sharp pullback in new orders for U.S. manufactured goods in July.
The Dow and the S&P 500 lost around 1.1 percent each, while the tech-heavy Nasdaq Composite shed 1.3 percent.
European stocks rose sharply on Friday after Wall Street's main indexes logged big gain in early trade.
The pan-European Stoxx 600 rallied 2 percent. The German DAX soared 3.3 percent, France's CAC 40 index climbed 2.2 percent and the U.K.'s FTSE 100 added 1.9 percent.
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