Markets had been looking to US consumer price report in hopes that easing inflation would lower pressure on the Federal Reserve to hike interest rates. US inflation moderated but topped expectations at 8.3%, signaling persistent price pressures. Traders raised bets the Fed will roll out another half-point interest-rate hike in September, following similar increases in June and July
North Korea’s Kim orders nationwide Covid lockdowns: AFP
North Korean leader Kim Jong Un called for nationwide lockdowns after the nuclear-armed country confirmed its first-ever case of Covid-19, state media said Thursday.
Kim “called on all the cities and counties of the whole country to thoroughly lock down their areas,” the official KCNA news agency said.
Factories, businesses and homes should be closed down and reorganised “to flawlessly and perfectly block the spread vacuum of the malicious virus,” it added.
Tibet Airlines’ plane in China veers off runway, catches fire; 25 injured
Ola Electric’s chief marketing officer Varun Dubey quits
Bengaluru-based electric-two wheeler major Ola Electric’s chief marketing officer and key spokesperson, Varun Dubey, has quit the company. (Read here)
CBDT issues instructions on SC-backed tax notices
Stocks to Watch
Shares of L&T, Tata Motors, PNB, Vodafone Idea, Hindalco, UltraTech, among others will be in focus today.
Larsen & Toubro, Tata Motors, RBL Bank, Aditya Birla Capital, Anupam Rasayan India, Apollo Tyres, Gujarat State Petronet, Honeywell Automation India, Poonawalla Fincorp, Ujjivan Small Finance Bank, CreditAccess Grameen are among the companies scheduled to announce their results today
Oil eases after surging in previous session on Russia’s sanctions
Oil prices eased in early Asian trade on Thursday, taking a pause after rising more than 5% in the previous session following new Russian sanctions on some European gas companies.
On Wednesday, Russia sanctioned 31 companies based in countries that imposed sanctions on Moscow after Russia invaded Ukraine in February.
That created unease in the market at the same time that Russian gas flows to Europe via Ukraine fell by a quarter. It was the first time exports via Ukraine have been disrupted since the invasion.
Brent crude futures fell 9 cents to $107.42 a barrel in Asian deals. WTI crude futures fell 13 cents to $105.58 a barrel.
SGX Nifty futures fall 0.9% tracking sell-off in global peers
Nifty futures on the Singapore Exchange fell 147 points, or 0.9%, at 16,020 in early deals on Thursday, indicating a weak start for Indian benchmarks.
On Wednesday, the benchmark Sensex fell 276.46 points to end the day at 54,088.39, while the Nifty was down 72.90 at 16167.10.
SGX Nifty, Asia slide; inflation stokes investor concerns
Asian stocks fell Thursday after high US inflation bolstered the case for aggressive monetary tightening and sparked a slide on Wall Street.
An Asian share gauge declined amid drops in Hong Kong and Japan and mixed performance in China. US futures stabilized after the S&P 500 hit the lowest since March 2021 and the tech-heavy Nasdaq 100 shed about 3%.
US inflation moderated but topped expectations at 8.3%, signaling persistent price pressures. Traders raised bets the Fed will roll out another half-point interest-rate hike in September — following similar increases in June and July. Russia’s war in Ukraine and China’s Covid lockdowns are creating shortages and stoking costs.
S&P 500 futures rose 0.6%, Nasdaq 100 futures added 0.8%, and Euro Stoxx 50 futures fell 1.5%.
Japan’s Topix index fell 0.3%, Australia’s S&P/ASX 200 Index lost 0.7%, South Korea’s Kospi index fell 0.1%, Hong Kong’s Hang Seng Index retreated 0.7%, while China’s Shanghai Composite Index rose 0.2%.
Overnight, US stocks ended sharply lower, with the Nasdaq dropping more than 3% and the Dow falling for a fifth straight day after inflation data did little to ease investor worries over the outlook for interest rates and the economy. The Dow Jones Industrial Average fell 326.63 points, or 1.02%, to 31,834.11, the S&P 500 lost 65.87 points, or 1.65%, to 3,935.18 and the Nasdaq Composite dropped 373.44 points, or 3.18%, to 11,364.24.
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