10:00 am
China grows October industrial output
China’s October industrial output grew at a faster pace, despite new restrictions to control the COVID-19 outbreak and supply shortages.
Official data shows the world’s second-largest economy’s industrial output grew 3.5% in October from the same period a year ago, faster than a 3.1% increase in September. The country’s retail sales grew by 4.9% this year as compared to the same period last year.
9:40 am
fall in oil prices
Oil prices fell on fears of increased supply and weak demand. Brent crude futures fell 0.7% to $81.59 a barrel, while US WTI crude fell 0.7% to $80.21 a barrel.
Both markets have tumbled over the past three weeks, fueled by a stronger dollar and speculation that President Joe Biden’s administration may release oil from the US Strategic Petroleum Reserve to cool prices.
9:20 am
market update
Indian indices opened higher on positive global cues. The Sensex opened up 150.71 points at 60,837.40 after gaining over 700 points in the previous session. Similarly, the Nifty opened up 38.20 points at 18,140.95 after gaining 1.28% on Friday.
Beating forecasts, major Asian stock indices surprised Chinese economic data with higher levels. Chinese blue chips were steady, while MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4%.
Japan’s Nikkei rose 0.5% and Topix 0.4% in morning trade. South Korea’s Kospi rose 1.06%. In the US, S&P 500 futures gained 0.1% in early trade, while Nasdaq futures rose 0.2%.
, Edited by John Xavier
(With inputs from Reuters, PTI and other news agencies.)