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Developments in West Asia, oil prices likely to steer markets this week
Stock market this week will track simmering tensions in West Asia, its impact on crude oil prices, and trading activity of foreign investors, analysts said. The trading week may begin on a cautious note following a sharp decline in the US markets over the weekend, an expert said. Besides, progress of monsoon and inflation data announcement will also be important factors to watch out for. "This week will be driven by key inflation, and global macroeconomic data releases. In India, investors will closely track inflation data for May, scheduled for release on June 12, along with foreign exchange reserves data on the same day. "Globally, developments around the US-Iran negotiations and their implications for crude oil prices, currency movements, and overall risk sentiment will remain in focus," Ajit Mishra, SVP, Research, Religare Broking Ltd, said. US markets ended sharply lower on Friday, with the Nasdaq Composite tumbling 4.18 per cent. The S&P 500 dived 2.64 per cent and Dow Jones
EUR/USD seen well supported above $1.16
Euro jumped on Friday against the dollar as recent Eurozone data signals towards an ECB rate hike in the near term. Euro-area inflation hit 3.2% in May, its highest in over two and a half years amid rising inflationary pressures due to elevated oil prices. However, Eurozone retail sales data for April declined at a faster pace of 0.4% in April, compared to the 0.3% contraction expected. Meanwhile, dollar index is trading slightly lower on Friday, favoring gains in Euro. The US Dollar Index (DXY), which tracks the Greenbacks value against six major currencies, trades 0.19% lower to near 99.19 ahead of the United States (US) Nonfarm Payrolls (NFP) data for May. EUR/USD pair is extending gains above $1.16 at $1.1643, up 0.20% on the day although caution will be exercised amid developments surrounding a potential US-Iran peace agreement to end recent hostilities. Tensions remain highly elevated following warnings from Iranian Foreign Minister Abbas Araghchi, who declared that the ...
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Rupee opens 7 paise lower at 95.06 against US dollar
The Indian rupee opened at 95.06 against the US dollar, weakened by crude oil price volatility and foreign investor selling. Despite nearly $25 billion in outflows, the rupee has remained stable due to central bank interventions. Market focus now shifts to RBI policy and US-Iran negotiations.
Asian stocks retreat from record highs, oil holds gains
Benchmark indices in Japan, South Korea and Australia declined, sending the broader MSCI Asia Pacific Index 0.9% down after it ended at an all-time high on Monday.
US stock market today: Nasdaq, S&P 500 gain as AI optimism offsets Middle East worries
US stock futures rose ahead of Monday's trade, continuing the momentum from May driven by AI enthusiasm, despite concerns over oil prices. Analysts suggest geopolitical tensions are easing, with a focus on upcoming macroeconomic data, particularly the US jobs report.
Rupee edges higher against US dollar, but oil prices and outflow fears weigh
Indian rupee opens stronger at 94.97 against US dollar, defies pressure from rising Brent crude prices, RBI support and FPI flows in focus.