(RTTNews) – Indian shares are seen opening a tad lower on Monday, tracking weak global cues as investors look ahead to Chinese manufacturing data and the Federal Reserve’s rate decision due this week for directional cues.
Traders are also likely to keep a wary eye on the situation in the Middle East after Israel expanded military operations in Gaza over the weekend, raising concerns about global economic instability.
On Sunday, Hezbollah in Lebanon said that it had successfully downed an Israeli drone in southern Lebanon using a surface-to-air missile.
On the earnings front, Adani Enterprises, Adani Green Energy, Bharti Airtel, DLF, GAIL, Hero MotoCorp, Tata Motors and Tata Steel are among the prominent companies due to unveil their quarterly financial results this week.
Monthly auto sales figures as well manufacturing and services PMI data may also draw investor attention as the week progresses.
Asian stocks were mostly lower this morning, with Japanese markets leading regional losses as new poll surveys showed dwindling support for Prime Minister Fumio Kishida despite the announcement of tax rebates and handouts to help ease the impact of inflation.
The Bank of Japan begins its two-day monetary policy meeting today amid heightened speculation over a policy tweak.
The dollar inched higher in cautious trade and gold hovered above the $2,000 mark while oil prices slipped after ending 3 percent higher on Friday.
U.S. stocks ended mixed on Friday but notched weekly losses on fears of a recession and interest rates staying higher for longer.
The Dow fell 1.1 percent to hit a seven-month low and the S&P 500 dropped half a percent to reach a five-month closing low after data showed both inflation and consumer spending rose in September.
The tech-heavy Nasdaq Composite edged up 0.4 percent after Amazon trounced analysts’ expectations for Q3 revenue and earnings.
European stocks closed lower on Friday amid concerns about the earnings and growth outlook.
The pan European STOXX 600 dropped 0.8 percent. The German DAX eased 0.3 percent, France’s CAC 40 shed 1.4 percent and the U.K.’s FTSE 100 declined 0.9 percent.
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