(RTTNews) – Indian stocks are set to open on a weak note on Thursday as investors weigh strong export data against inflation worries amid soaring crude oil rates. India’s merchandise exports surpassed $400 billion this fiscal year, 9 days ahead of schedule, according to official data.
Benchmarks Sensex and the Nifty gave up early gains to end down around half a percent on Wednesday as the rupiah settled down 14 paise at 76.32 against the dollar.
Asian markets pulled back from three-month highs this morning and gold traded flat, hit by a stronger dollar and higher yields, while oil extended gains after climbing more than 5% on Wednesday amid concerns over disruptions to crude exports from Kazakhstan’s CPC Terminal on the Russian Black Coast.
US President Joe Biden is due to attend an emergency NATO summit today. He is also expected to meet G-7 leaders and address EU leaders at a European Council meeting.
Overnight, US stocks fell sharply as oil prices continued to soar, raising concerns about its impact on consumers and many businesses.
The Dow Jones and the tech-heavy Nasdaq Composite lost about 1.3% each, while the S&P 500 fell 1.2%.
European stocks also ended in the red on Wednesday as Western leaders gathered in Brussels to bolster their response to Russia’s invasion of Ukraine.
The pan-European Stoxx 600 index fell 1%. Germany’s DAX fell 1.3%, France’s CAC 40 index lost 1.2% and Britain’s FTSE 100 slipped 0.2%.
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