What changed for market overnight: Gift Nifty, RBI policy to global market cues
Asian markets traded lower on Thursday as investors awaited the inflation data in the US due later today.
Concerns over deflation in China dented sentiment. Data showed China’s consumer prices dropped 0.3% in July from a year ago, while producer prices fell 4.4%.
On the domestic side, investors will focus on the Reserve Bank of India’s (RBI) monetary policy decision wherein the central bank is widely expected to keep the repo rate unchanged.
Asian Markets
Japan’s Nikkei 225 fell 0.33% and the Topix eased 0.16%. South Korea’s Kospi declined 0.43%, while the Kosdaq dropped 0.77%.
Hong Kong’s Hang Seng index futures were trading lower at 19,168 as compared to the HSI’s previous close of 19,246.03.
In Australia, the S&P/ASX 200 was flat.
Meanwhile, Gift Nifty was trading at 19,617 as compared to Nifty futures’ previous close of 19,693, indicating a negative start for the Indian benchmark indices.
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Wall Street
US stocks ended lower on Wednesday ahead of the key inflation data that could provide clues on the Federal Reserve’s monetary policy path.
The Dow Jones Industrial Average declined 186.92 points, or 0.53%, to 35,127.57, while the S&P 500 fell 31.47 points, or 0.70%, to 4,467.91 points. The Nasdaq Composite ended 162.31 points, or 1.17%, lower at 13,723.96.
Among stocks, Walt Disney shares fell 0.7% ahead of its quarterly, while Penn Entertainment rallied 9.1% on a $2 billion deal with ESPN to launch a sports betting business. Lyft shares tumbled 10%.
WeWork shares crashed 38.6% to 13 cents after it warned it could go bankrupt. The company, which was once privately valued at $47 billion, said there’s substantial doubt about its ability to stay in business as it burns through cash.
Axon Enterprise shares jumped 14.1% after it reported robust profit, while Akamai Technologies rose 8.5% after it beat forecasts for both profit and revenue.
Europe
European markets ended higher, led by energy stocks. The pan-European STOXX 600 ended up 0.4%.
Britain’s FTSE 100 rose 0.8% at 7,587.30, while Germany’s DAX added 0.5% at 15,852.58. France’s CAC 40 gained 0.7% at 7,322.04.
Italian banks gained after the government eased its stance on the windfall tax on lenders. Euro zone banks rose 1.4%.
German online takeaway food company Delivery Hero surged 4.7% after it raised its full-year revenue outlook, while Hiscox declined 6% after the Lloyd’s of London insurer’s weaker retail growth outlook.
Energy
Crude oil prices fell amid concerns about the Chinese economy.
Brent crude fell 0.09% to $87.47 a barrel, while West Texas Intermediate crude (WTI) eased 0.09% to $84.32.
(With inputs from Reuters)
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Updated: 10 Aug 2023, 07:05 AM IST
