markets have potential see a rebound On Monday, while trends in SGX Nifty suggest a mildly positive opening for the Indian benchmark indices. On Friday, the Sensex was down 1,687.94 points or 2.87% at 57,107.15 and the Nifty was down 2.91% at 17,026.45.
Asian markets were trying to gain some restraint on Monday as the spread of the Omicron variant in developed countries threatened to derail economic recovery and tough plans by some central banks.
Oil prices also took some losses after Friday’s shelling, while the safe-haven yen heaved a sigh of relief after its uptrend.
The new form of concern was found as far away as Canada and Australia as more countries imposed travel restrictions to try to shut themselves down.
Britain called an urgent meeting of G7 health ministers on Monday to discuss the evolution of the virus, although a South African doctor who treated the cases said Omicron’s symptoms were mild so far.
Trading was uncertain early Monday, but there were signs of stabilization as S&P 500 futures rose 0.4% and Nasdaq futures gained 0.5%. Both indices suffered their sharpest declines in months on Friday, with travel and airline stocks falling particularly hard.
Nikkei futures were trading firm at 28,370, although they were still below Friday’s cash close of 28,751. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.2%, but some markets are still open.
Amazon.com Inc has canceled its approval from the Competition Commission of India (CCI), India’s antitrust regulator, for the sale of retail assets of Future Retail Ltd (FRL) to Mukesh Ambani-led Reliance Industries Ltd for $3.4 billion. asked for.
Reliance Jio Infocomm Limited On Sunday it said it would increase its prepaid tariff by 21%, a similar increase by rivals Bharti Airtel Ltd and Vodafone Idea Ltd.
Financial technology firm Paytm’s parent One97 Communications on Saturday reported widening consolidated losses to approx. 473 crore in the second quarter ended September 30, 2021. Paytm’s consolidated net income up 49.6% 1,086.4 crore during the reported quarter 663.9 crore in the same quarter of 2020-21.
Bonds gave back some of their gains, with Treasury futures down 11 ticks. Markets rose sharply as investors priced in a slow start in rates from the US Federal Reserve and the risk of less tightening by some other central banks.
Two-year Treasury yields fell 14 basis points to 0.50% on Friday, the biggest drop since March last year, while fed funds futures pushed for the first rate hike in a few months.
Changes in expectations for the safe-haven Japanese yen and Swiss franc weakened the US dollar.
The dollar had stabilized slightly at 113.71 yen early Monday after falling 1.7% on Friday. The dollar index also reached 96.156 after falling 0.7% on Friday. The euro halted at $1.1283 after rebounding from $1.1203 at the end of last week.
European Central Bank President Christine Lagarde put a brave face on the latest virus scare, saying the eurozone was better equipped to cope with the economic impact of a new wave of Covid-19 infections or the Omicron variant.
The economic diary is also busy this week and China’s manufacturing PMI on Tuesday to offer another update on the health of the Asian giant. Ahead of payrolls on Friday, the US ISM survey of factories is released on Wednesday.
Fed Chair Jerome Powell and Treasury Secretary Janet Yellen speak before Congress on Tuesday and Wednesday.
In commodity markets, oil prices jumped on Friday following their biggest one-day fall since April 2020.
Brent rose 3.6% to $75.31 a barrel, while US crude rose 4.0% to $70.85. Gold has so far found little in the way of safe haven demand, holding it at $1,785 an ounce.
(Reuters contributed to the story)
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,