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2024-11-12 4794
(fxcue news) - Indian shares may open lower on Monday after the S&P 500 and Nasdaq notched their biggest one-day losses in two weeks Friday. That said, mostly positive cues from other Asian markets this morning may help limit overall losses to some extent. FII flows along with trends in U.S. bond yields and oil prices may influence trading sentiment as the week progresses. Asian markets traded mostly higher this morning ahead of China's loan prime rate announcement and the release of Japan inflation data. The dollar climbed against the yen while gold rebounded from its worst weekly drop since 2021. Oil prices edged up after fighting between Russia and Ukraine intensified over the weekend. U.S. stocks fell sharply on Friday and the yield on the 10-year note touched a six-month high as recent economic data on inflation and retail sales coupled with comments from senior Fed officials, including Chair Jerome Powell, weakened the case for a December rate cut by the Federal Reserve. Data showed earlier in the day that sales at retailers rose solidly in October, suggesting the economy still has plenty of momentum heading into the holiday shopping season. Another report showing unexpected gains in both import and export prices added to worries about sticky inflation. The tech-heavy Nasdaq Composite plunged 2.2 percent, the S&P dropped 1.3 percent and the Dow shed 0.7 percent. European stocks closed lower on Friday, weighed down by disappointing earnings, concerns over Trump's potential tariffs and uncertainty over Fed's policy. The pan European STOXX 600 fell 0.8 percent. The German DAX dipped 0.3 percent, France's CAC 40 gave up 0.6 percent and the U.K.'s FTSE 100 slid 0.1 percent.
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