Asia-pacific benchmarks declined on Monday due to concerns about recession in the US, following weaker than expected jobs data. Japan’s Nikkei 225 declined more than 3% after its GDP grew 2.9% on the year in the second quarter, against 3.2% growth expectation.
The Nikkei 225 and Kospi were trading 2.19% and 1.44% down, respectively. The S&P ASX 200 was trading 0.79% down as of 06:46 a.m.
This week, troubling data shook Wall Street traders of riskier assets from their complacency, resulting in the worst stock performance since the 2023 regional bank crisis.
The indices closed near day’s low after having a muted open. S&P 500 ended 1.73% lower at 5,408.42, extending its decline for the fourth day following weaker than expected jobs data. The Dow Jones ended 1.01% lower at 40,345.41 and the Nasdaq Composite ended 1.14% lower at 18,664.14.
Brent crude was closed 1.04% higher at $71.80 a barrel and gold was trading 0.02% lower at $2,496.79 an ounce as of 06:49 a.m.
The GIFT Nifty was trading 0.18%, or 44.50 points higher at 24,818.50 as of 06:49 a.m.
India’s benchmark indices extended losses on Friday, recording its worst week in over three months, as fears griped over the health of the US economy ahead of the release of jobs data. The sell-off was broad-based, with the banking and energy sectors taking the biggest hit.
The NSE Nifty 50 closed 292.95 points, or 1.17% lower at 24,852.15 to extend the fall to the third consecutive session. The S&P BSE Sensex closed 1,017.23 points, or 1.24% down at 81,183.93, its fourth day of decline. Both indices lost nearly Rs 4 lakh crore in value.
Overseas investors stayed net sellers of Indian equities on Friday for the second consecutive day. Foreign portfolio investors offloaded stocks worth Rs 688.7 crore, while domestic institutional investors stayed net buyers for the fifth consecutive session and purchased equities worth Rs 2,121.5 crore, according to provisional data from the National Stock Exchange.
The Indian rupee closed stronger against the US dollar on Friday after nearly touching the psychologically key level of Rs 84 in the previous session.
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Publish date : 2024-09-08 18:14:00
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