Indian indices may witness a positive start on Friday. The indices on Thursday rebounded strongly to end higher as fall in crude prices boosted domestic sentiment. Stocks in global markets rose on Thursday as US Treasury yields fell to two-week lows, while copper was at 16-month lows as investors worried about a possible global economic slowdown. In Asia, shares rose in Japan, Hong Kong, and South Korea, while it declined marginally in Australia and Shanghai.
Crypto exchange Binance partners with Cristiano Ronaldo for NFT push
World’s biggest cryptocurrency exchange by trading volumes Binance, on Thursday said that it has signed a partnership with footballer Cristiano Ronaldo for the promotion of non-fungible tokens (NFTs).
Petrol, diesel prices today: Fuel rates remain steady. Check latest fuel rates
Petrol, diesel prices today: Petrol and diesel prices continued to remain unchanged on Friday across major cities in the country. Oil marketing companies (OMCs) have kept fuel prices unchanged for over a month now. The government had earlier announced a reduction in excise duty on petrol and diesel by ₹8 and ₹6 per liter respectively, so that the price of petrol and diesel will be at least ₹9.5 and upto ₹7 cheaper. Since then no fluctuations have occurred and oil prices have remained steady for over a month.
Gold flat, set for second weekly fall on bigger rate-hike fears
Gold prices were steady on Friday, headed for their second straight weekly decline, with worries over major central banks potentially implementing big interest rate hikes to target runaway inflation weighing on appetite for bullion. Spot gold was flat at $1,823.20 per ounce by 0113 GMT, after hitting a one-week low of $1,820.99 earlier in the session. US gold futures fell 0.3% to $1,823.80. * Gold prices have dropped about 0.9% this week.
Oil prices rise on tight supply, inventory uncertainty
Oil prices rose slightly in early Asian trade on Friday as nations seek to address global crude oil and fuel supply tightness.
Brent crude futures rose 39 cents, or 0.4%, to $110.44 a barrel at 0012 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 37 cents, or 0.4%, to $104.31 a barrel.
OPEC and allied producing countries including Russia will likely stick to a plan for accelerated output increases in August in hopes of easing crude prices and inflation as U.S. President Joe Biden plans to visit Saudi Arabia, sources said.
Recession worries weigh on euro as US stocks advance
The euro retreated against the dollar Thursday as economic data pointed to increased prospects of recession in Europe, while Wall Street stocks finished higher following another volatile session.
Tokyo’s Nikkei index rises in early trade
Tokyo’s key Nikkei index was trading higher early Friday after Wall Street rallies, as investors weighed global inflation and recession risks.
The benchmark Nikkei 225 index was up 0.36 percent, or 94.03 points, at 26,265.28 about 20 minutes after the opening bell after floating between positive and negative territory.
The broader Topix index was down less than 0.0 percent, or 0.04 points, at 1,851.70.
Hong Kong shares start on front foot
Hong Kong stocks opened with more gains Friday morning, tracking a rally on Wall Street and putting the market on course for a healthy end to a broadly positive week.
The Hang Seng Index rose 0.83 percent, or 176.81 points, to 21,450.68.
The Shanghai Composite Index edged up 0.13 percent, or 4.24 points, to 3,324.39, while the Shenzhen Composite Index on China’s second exchange added 0.15 percent, or 3.17 points, to 2,167.17.
Wall Street shakes off a midday stumble and ends higher
Stocks shook off a midday slump and ended higher Thursday, keeping the market on track for its first weekly gain after three weeks of punishing losses.
Trading was wobbly throughout the day as investors remained focused on another round of testimony before Congress by Federal Reserve Chair Jerome Powell. Speaking before a House committee, Powell again stressed that the Fed hopes to rein in the worst inflation in four decades without knocking the economy into a recession, but acknowledged “that path has gotten more and more challenging.”
The S&P 500 ended 1% higher after having been down as much as 0.4%. The Dow Jones Industrial Average rose 0.6% and the Nasdaq gained 1.6%.
Technology and health care stocks drove much of the rally, outweighing losses in energy and financial companies. Bond yields mostly fell. Oil prices also fell.
Trading has been turbulent in recent weeks as investors try to determine whether a recession is looming. The benchmark S&P 500 is currently in a bear market. That means it has dropped more than 20% from its most recent high, which was in January. The index has fallen for 10 of the last 11 weeks.
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