Sensex, Nifty likely to start lower as US economic growth worrries continue to weigh
After the US data revealed on Friday cemented raised the odds of a 50 bps rate cut by the Federal Reserve in its September meeting, the Asian equities are trading lower.
Indian equities as indicated by the GIFT Nifty are likely to start Monday's (September 9) session on a weak note. At the last count, the benchmark traded down by 0.24 per cent at 24,845.5. Despite the dragdown, there are no major cues that will lead to a substantial drop in Indian equities as a whole lot of factors remain supportive, including crude price and continued DII inflow.
Global markets
Globally, Asian markets largely traded lower as US economy's woes continue to weigh on the global markets.
Japan's Nikkei was down significantly due to the brunt of the selling as tech stocks declined. The index at the last count was down 2.18 per cent, adding to the previous week's slide of as much as 6 per cent.
Hong Kong's Hang Seng also was down nearly 2 per cent after the CPI inflation in China failed to meet analysts' estimates.
US markets saw their worst week this year with the Nasdaq Composite falling 2.6 per cent.
The MSCI Asia ex-Japan index traded with a cut of 1.32 per cent.
US jobs data released on September 6, 2024
The integral jobs data awaited eagerly showed that lesser number of jobs were added as against expectations but there was a rebound from July numbers. The unemployment rate ticked lower to 4.2 per cent from 4.3 per cent, according to the Bureau of Labor Statistics.
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