Indian markets are shut on account of Guru Nanak Jayanti but there is a lot of action globally. The Asian markets are muted on weak cues from the US and investors are assessing key economic data from China.
Wall Street ended lower on Thursday after Federal Chair Jerome Powell said that he’s in no hurry for another rate cut. The post-election rally lost steam. The S&P 500 declined 0.6% to close at 5,949. The Nasdaq Composite ended the session 0.64% lower at 19,108. The Dow Jones Industrial Average slipped 207 points, or 0.47%, to end at 43,750. Fed Chair Jerome Powell said that the central bank “didn’t need to be in a hurry” to cut interest rates.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading down 0.07% at 106.79 on Friday morning. The index measures the US dollar’s strength or weakness against major currencies. The basket contains currencies such as the British Pound, Euro, Swedish Krona, Japanese Yen, Swiss Franc, etc. Also, the Indian rupee fell 4 paise, reaching its lifetime low of the mark of 84.43 against the US Dollar on Thursday.
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Crude Oil
WTI crude prices were trading at $68.30 down by 0.57%, while Brent crude prices were trading at $72.13 down by 0.61%, on Friday morning.
Asian Markets
Asia-Pacific markets were trading on a mixed note following the overnight US markets and key economic data from China, which includes October numbers for retail sales, industrial production, and urban unemployment. Japan’s Nikkei 225 was up 0.79% at 38,842. The Korean index Kospi was down 0.56% at 2,405. However, the Asia Dow was trading 0.02% higher at 3,676.63. The benchmark Chinese index, Shanghai Composite was trading 0.11% higher at 3,384.
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