Stay tuned as Puja Menon brings you LIVE updates:
Feb 9, 2018 9:03 am (IST)
ALERT | Rupee opens weaker against the US Dollar at 64.42
Feb 9, 2018 9:02 am (IST)
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Feb 9, 2018 8:50 am (IST)
Shanghai stocks plunge more than 5% | Shanghai stocks plunged more than 5 percent by late morning on Friday in the wake of renewed gloom on Wall Street and European markets. The benchmark Shanghai Composite Index fell by 5.47 percent, or 178.45 points, to 3,083.60. The Shenzhen Composite Index, which tracks stocks on China’s second exchange, fell 3.48 percent, or 60.39 points, to 1,674.18.
Feb 9, 2018 8:48 am (IST)
Feb 9, 2018 8:48 am (IST)
U.S. stocks plunged around 4 percent on Thursday in another dramatic session, confirming a correction that has thrown the market’s nearly nine-year bull run off course. The bottom of this recent slide remained elusive for investors, who have been whipsawed this week by huge swings that have shaken a market that had only climbed steadily for months. With Thursday’s drops, the benchmark S&P 500 and the Dow industrials confirmed they were in correction territory, both falling more than 10 percent from Jan. 26 record highs. The S&P 500 slumped 3.8 percent on Thursday, while the Dow dropped 4.2 percent as losses accelerated late in the trading day. The S&P 500 last confirmed a correction in January 2016, when it fell 13.3 percent amid concerns about a slump in oil prices. The S&P closed below the intraday low it had hit on Tuesday, a key level traders had been watching. Thursday marked another day of recent sharp swings including the S&P 500’s biggest drop in more than six years on Monday that pulled equities away from record highs.
Feb 9, 2018 8:46 am (IST)
Tokyo stocks dive more than 3%, extending global slump | Tokyo stocks dropped more than three percent today after European and US stocks suffered big drops as volatility continued to dog equity markets. The benchmark Nikkei index fell 3.22 percent, or 705.10 points, to 21,185.76 by the break, while the broader Topix index was down 2.84 percent, or 50.17 points, at 1,715.52. “Investors are discouraged by a higher yen and plunges in European and US stocks,” Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a commentary. But Kyoko Amemiya, senior market advisor at SBI Securities, said the drops presented an opportunity for investors. “Falls in Japanese shares certainly reflect drops in US shares, but there is no fundamental change in Japanese corporate performances,” she told AFP. “That means there is now a chance to buy on dips in companies with brisk earnings.”
Feb 9, 2018 8:43 am (IST)
OPEC member Iran on Thursday announced plans to increase production within the next four years by at least 700,000 barrels a day. Meanwhile, the U.S. Energy Information Administration (EIA) this week said crude production last week rose to a record high of 10.25 million barrels per day (bpd). At that level, U.S. production would overtake current output in Saudi Arabia, the biggest producer in the Organization of the Petroleum Exporting Countries. OPEC and other producers, including Russia, have cut production since January 2017 to force down global inventories, but these cuts have been offset by rising U.S. oil production.
Feb 9, 2018 8:42 am (IST)
Feb 9, 2018 8:39 am (IST)
The Indian markets, too, are feared to open lower. An indicator is the SGX Nifty or the Singapore Nifty, which was trading at 10,340.50, down 220.50 points, at 7:50 am.
Feb 9, 2018 8:36 am (IST)
Oil falls for the sixth day as supply fears mount | Oil prices fell for a sixth day on Friday after Iran announced plans to boost production and U.S. crude output hit record highs, adding to concerns about a sharp rise in global supplies. The falls come amid a rout in global share markets as inflation fears grip investors. Brent futures were down 38 cents or 0.6 percent, at $64.43 a barrel by 0146 GMT. On Thursday, Brent fell 1.1 percent to its lowest close since Dec. 20. U.S. West Texas Intermediate (WTI) crude was down 54 cents, or 0.9 percent, at $60.61, having settled down 1 percent in the previous session at its lowest close since Jan. 2. Both contracts have fallen more than 9 percent from this year’s high point in late January.
Feb 9, 2018 8:33 am (IST)
The selloff in world stock indexes deepened on Thursday, with the fall in U.S. stocks confirming a correction for the market, in another volatile session stirred by concern over rising bond yields. The S&P 500 ended down 3.8 percent and the Dow finished down 4.2 percent. With those declines, the indexes confirmed they were in correction territory, both falling more than 10 percent from their Jan. 26 record highs and leaving investors worried about how much longer the selloff will last.
Feb 9, 2018 8:31 am (IST)
Gold up on safe-haven buying as equities drop | Gold prices edged up on Friday, recovering from more than one-month lows as tumbling equities markets pushed investors into safe-haven assets, but a firmer dollar and worries about rising global interest rates kept gains in check. FUNDAMENTALS | * Spot gold was up 0.1 percent at $1,320.72 an ounce, as of 0038 GMT. Prices touched their lowest since Jan. 4 at $1,306.81 on Thursday. * Spot gold was down 1 percent for the week and heading for its second straight weekly loss. * U.S. gold futures were up 0.3 percent at $1,322.60 per ounce.
Feb 9, 2018 8:29 am (IST)
In currencies, the dollar was little changed at 108.800 yen , having lost 0.5 percent overnight. It was on track to lose 1.5 percent against its Japanese peer on the week. The Swiss franc was also mostly unchanged at 0.9370 franc per dollar after advancing about 0.7 percent the previous day. The euro added 0.1 percent to $1.2260 . The dollar index against a basket of six major currencies was flat at 90.238 after touching a two-week high of 90.567 overnight. The pound rose 0.2 percent to $1.3943 . It had reached $1.4067 overnight following the hawkish BoE comments.
Feb 9, 2018 8:29 am (IST)
U.S. markets remained the epicentre of the global sell-off, with the Dow plunging 4.1 percent and the S&P 500 sinking 3.7 percent overnight. With Thursday’s losses, both the S&P 500 and the Dow slid into correction territory, falling more than 10 percent from Jan. 26 record highs and showing that the dust was yet to settle from the slide that began a week ago. U.S. stocks began to wobble last Friday after a healthy U.S. labour market report sparked a spike in bond yields and fears of rising inflation which could trigger more central bank rate hikes. Higher yields are seen hurting equities as they increase borrowing costs for companies and reduce their risk appetite. They also present a fresh alternative to investors who may reallocate some funds to bonds from equities.
Feb 9, 2018 8:27 am (IST)
Japan’s Nikkei is now at levels not seen since mid-October, Hong Kong is on course to wipe out its 2018 gains and Shanghai is around a seven-month trough. Elsewhere Sydney fell 1.3 percent, Singapore shed 1.6 percent and Seoul was more than two percent off. Wellington, Manila and Taipei were also being battered. A key trigger of the recent pullback was last Friday’s strong US jobs report that also showed rising US wage growth, fuelling speculation the Federal Reserve will lift rates more than the three times already expected this year. However, many analysts are upbeat about the future owing to healthy economic conditions in the US and global economies as well as the positive outlook for corporate earnings after Donald Trump’s massive tax cuts in December.
Feb 9, 2018 8:26 am (IST)
Asian trading floors were a sea of red once again today as the global rout returned with a vengeance on intensifying fears about tighter US interest rates. Tokyo, Hong Kong, and Shanghai were among the worst hit as they each plunged more than three percent, while investors piled into safe-haven assets such as gold and the yen. The sell-off followed another battering for Wall Street, where the Dow suffered its second-heaviest daily points fall on record — the worst coming on Monday — after key US Treasury bond yields spiked fuelling the prospect of higher borrowing costs. After a blistering 2017 and January, markets worldwide have gone into a spasm in the past two weeks on fears that the booming global economy and rising inflation will lead to higher interest rates. “There’s some big-money players that have really leveraged to the low rates forever, and they have to unwind those trades,” Doug Cote, chief market strategist at Voya Investment Management, told Bloomberg News. “They could be in full panic mode right now.”
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