Gift Nifty, fall in Asian markets to mixed US stocks: Check out key triggers for Indian stock market today
Asian markets declined on Friday following mixed cues from US stock indices and after the release of Japan’s inflation data.
Asian markets declined on Friday following mixed cues from US stock indices and after the release of Japan’s inflation data.
Japan’s core inflation rate, excluding those for fresh food, rose 3.3%, official data showed. The inflation rate is marginally higher than May’s figure of 3.2%.
Japan’s core inflation rate, excluding those for fresh food, rose 3.3%, official data showed. The inflation rate is marginally higher than May’s figure of 3.2%.
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However, this was for the 15th straight month that the inflation rate was above the Bank of Japan’s 2% target. The country’s headline inflation rate in June was also at 3.3% as compared to 3.2% in May.
In the US, stocks ended mixed as investors reacted to June quarter earnings from the likes of Tesla, Netflix, Johnson & Johnson, among others.
Asian Markets
Japan’s Nikkei 225 fell 1.23%, while the Topix dropped 0.52% after the release of inflation data. South Korea’s Kospi declined 0.88%, and the Kosdaq fell 0.85%.
Hong Kong’s Hang Seng index futures were slightly higher at 18,935.
Australia’s S&P/ASX 200 was down 0.34%.
Meanwhile, Gift Nifty was trading at 19,868 as compared to Nifty’s Thursday close of 19,979.15, indicating a negative start for the Indian index.
Wall Street
US markets ended mixed on Thursday as the S&P 500 and Nasdaq fell, while Dow Jones rose for a ninth straight day as investors reacted to the Q2 corporate earnings.
The Dow Jones Industrial Average rose 163.97 points, or 0.5%, to 35,225.18, while the S&P 500 fell 30.85, or 0.7%, at 4,534.87. The Nasdaq composite dropped 294.71, or 2.1%, at 14,063.31.
Among stocks, Tesla shares tumbled 9.7% after the electric-vehicle maker reported a drop in its gross margins to a four-year low in the second-quarter. Moreover, CEO Elon Musk also hinted at more price cuts.
Meanwhile, Elon Musk’s wealth slumped $20.3 billion on Thursday after Tesla Inc. warned that it may have to keep cutting the prices of its electric vehicles, sending its shares tumbling.
Netflix shares sank 8.41% after the streaming video company’s quarterly revenue fell short of estimates.
Johnson & Johnson rallied 6.07% after reporting results and raising its annual profit forecast. Zions Bancorp rose 10% after reporting stronger profit and revenue, while Truist Financial sank 7.1% after reporting weaker revenue than expected.
Europe
European stocks closed higher led by miners, banks and healthcare sectors. The pan-European STOXX 600 index rose 0.4%.
Britain’s FTSE 100 rose 0.8% at 7,646.05, while Germany’s DAX gained 0.6% at 16,204.22. France’s CAC 40 added 0.8% at 7,384.91.
Volvo Cars shares declined 4.2% after the carmaker posted a 54% fall in its second-quarter earnings, while Electrolux slumped 20.3% after Europe’s biggest home appliances maker swung to a quarterly loss.
Energy
Crude oil prices rose marginally. Brent futures rose 0.10% to $79.72 a barrel, while US West Texas Intermediate (WTI) crude gained 0.37% to $75.63 a barrel.
Gold Price Today
Gold prices rose amid a weaker dollar. The metal was poised for a third consecutive weekly gain on hopes that the US Federal Reserve will pause rate hikes after July. Bullion gained nearly 1% so far this week.
Spot gold rose 0.1% to $1,971.79 per ounce, while US gold futures gained 0.2% to $1,973.80.
Currencies
The US dollar was steady on Friday as data pointed to US labour market resilience that could lead the Federal Reserve to keep interest rates higher for longer.
The US dollar index rose 0.03% at 100.78 against a basket of currencies. The index is on course for a 1% gain in the week.
The Japanese yen strengthened 0.08% to 139.97 per dollar, while the euro rose 0.04% to $1.1132.
The Australian dollar fell 0.28% to $0.676, while the kiwi fell 0.34% to $0.621.
(With inputs from Reuters)
