Sensex, Nifty May Rise On Global Cues

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(RTTNews) - Indian shares are seen opening higher on Friday, mirroring firm cues from global markets as soft retail sales data fueled hoped for an early rate cut in the U.S.

Investors may also react to official data showing that India's trade deficit fell to a nine-month low of $17.5 billion in January as exports increased 3 percent year-on year.

Oil & gas stocks could be in focus today after the government increased the windfall tax on petroleum crude and diesel.

Axis Bank shares may see increased activity after former Rajya Sabha MP and BJP leader Subramanian Swamy moved the Delhi High Court "alleging a scam of nearly Rs.5,100 crore in the private sector lender.

He accused the bank of "making undue gains by way of transactions in shares of Max Life Insurance."

Benchmark indexes Sensex and Nifty both rose about 0.3 percent on Thursday to extend gains for a third straight session. The rupee dropped 2 paise to close at 83.04 against the dollar.

Asian markets traded higher this morning, with Japan's Nikkei hitting a fresh 34-year high on hopes the Bank of Japan will stick with its ultra-loose policy for longer.

The dollar remained under selling pressure ahead of U.S. producer price inflation data due later in the day. Gold held steady after rising in the U.S. trading session overnight.

Oil was flat near the highest level in three months amid signs that OPEC+ members are complying with supply cuts.

U.S. stocks advanced overnight as weak retail sales data sent Treasury yields down and added to bets that the Federal Reserve will cut interest rates in coming months.

Industrial production unexpectedly slipped in January while fewer Americans filed for jobless claims last week, separate reports revealed.

The S&P 500 gained 0.6 percent to reach a new record closing high while the Dow rallied 0.9 percent and the tech-heavy Nasdaq Composite inched up 0.3 percent.

European stocks closed higher Thursday on the back of upbeat corporate earnings and speculation that the Bank of England will cut interest rates in the second quarter to pull the country out of recession.

The pan European STOXX 600 gained 0.7 percent. The German DAX rose 0.6 percent, France's CAC 40 climbed 0.9 percent and the U.K.'s FTSE 100 edged up 0.4 percent.

Swiss Market Ends Modestly Lower

Save for a very brief while early on in the session, and for less than an hour a little past mid afternoon, the Switzerland market stayed in negative territory on Friday with investors largely staying cautious due to a lack of positive triggers.

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European Stocks Close Lower On Geopolitical Tensions

European stocks closed lower on Friday, weighed down by geopolitical concerns due to rising clashes in Gaza and Ukraine, and political uncertainty in France. Investors also digested the latest batch of economic data, including the closely watched U.S. personal consumption expenditure report.

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U.S. Consumer Sentiment Deteriorates Slightly More Than Initially Estimated In August

The University of Michigan released a report on Friday showing consumer sentiment in the U.S. deteriorated by slightly more than previously estimated in the month of August. The report said the consumer sentiment index for August was downwardly revised to 58.2 from the preliminary reading of 58.6.

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Chicago Business Barometer Slumps Much More Than Expected In August

MNI Indicators released a report on Friday showing a sharp pullback by its reading on Chicago-area business activity in the month of August. The report said the Chicago business barometer tumbled to 41.5 in August after jumping to 47.1 in July, with a reading below 50 indicating contraction. Economists had expected the business barometer to edge down to 46.0.

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

Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to closely watched data released by the Commerce Department on Friday. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in July after climbing 0.3 percent in June. The uptick matched expectations.

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German Unemployment Exceeds 3 Mln

Germany's unemployment exceeded the three million-mark for the first time in a decade in August as the prolonged period of subdued economic activity weighed on the labor market. The number of unemployed persons increased by 46,000 from the previous year to 3.025 million in August. However, unemployment fell by adjusted 9,000 compared to the previous month, while it was forecast to increase by 1

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U.S. PCE Price Index Increased In Line With Estimates In July

Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to closely watched data released by the Commerce Department on Friday.

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Slightly Weak Start Seen For U.S. Stocks; PCE Data In Focus

Lower U.S. futures point to a slightly negative start on Wall Street Friday morning.

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EURUSD	1.16975	GBPUSD	1.35051	AUDUSD	0.65441
USDJPY	146.974	USDCAD	1.37331	USDCHF	0.7998