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.

U.S. Dollar Drops After Powell's Speech

The U.S. dollar weakened against its major counterparts in the New York session on Friday, as Federal Reserve Chair Jerome Powell hinted at a potential rate cut next month.

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TSX Hits New Record High As Stocks Rally On Fed Rate Cut Hopes

The Canadian market is up firmly in positive territory a little past noon on Friday, with stocks from across several sectors moving higher on strong buying support amid rising hopes of an interest rate cut by the Federal Reserve in September.

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Powell Says Outlook, Shifting Balance Of Risks 'May Warrant' Lower Rates

Federal Reserve Chair Jerome Powell delivered a highly-anticipated speech before the Jackson Hole Economic Symposium on Friday, although he touched only briefly on the outlook for monetary policy. "With policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance," Powell said.

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Bay Street Likely To Open On Mixed Note; Powell's Speech Eyed

Canadian shares are likely to open on a somewhat mixed note Friday morning with investors awaiting Fed Chair Jerome Powell's speech at Jackson Hole. Lower commodity prices may weigh a bit early on in the session.

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Indian shares fell sharply on Friday after a Trump administration official called India the 'Maharaja' of tariffs and ramped up his criticism over the trade ahead of an expected tariff increase on August 27.

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FTSE 100 Down Slightly; Standard Chartered Shares Up Sharply

U.K. stocks are turning in a mixed performance in cautious trade on Friday, amid a lack of fresh triggers. Investors are awaiting Fed Chair Jerome Powell's speech later in the day at the Jackson Hole Symposium, for clues about U.S. central bank's interest rate move next month.

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U.S. Dollar Rises Ahead Of Fed's Powell Speech

The U.S. dollar strengthened against other major currencies in the European session on Friday, as traders expect speech by Fed Chair Jerome Powell at the Jackson Hole Symposium.

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CAC 40 Up Slightly In Lackluster Trade

French stocks are mostly subdued on Friday with investors refraining from making significant moves, choosing to wait for key speeches from central bank chiefs at the Jackson Hole Symposium. The focus is on Fed Chair Jerome Powell's speech for clues about interest rate cuts in September.

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EURUSD	1.17215	GBPUSD	1.35266	AUDUSD	0.64914
USDJPY	146.942	USDCAD	1.38264	USDCHF	0.80144