Indian shares look set to open largely unchanged on Friday as investors monitor oil price movements and await crucial data on fiscal deficit, GDP and infrastructure output for directional cues.
Oil prices extended gains in Asian trade after climbing more than 3 percent on Thursday amid reports that Russia had accepted the need to cut production, together with OPEC at next week’s meeting of major oil producers.
Benchmark indexes Sensex and the Nifty jumped over 1 percent on Thursday to extend gains for the fourth straight session, while the rupee soared 77 paise to a three-month high of 69.85 per dollar on fresh fund inflows from foreign investors.
Asian stocks are trading mixed after official data showed China’s manufacturing activity continued to worsen in November.
The dollar held steady ahead of a crucial meeting between the U.S. and Chinese presidents, though a substantive breakthrough is unlikely.
U.S. stocks finished lower overnight after a huge rally the day before, as minutes of the Fed’s November 8 meeting did little to alter perceptions of the central bank’s intentions on future rate hikes.
The Dow slipped 0.1 percent, the tech-heavy Nasdaq Composite shed 0.3 percent and the S&P 500 dropped 0.2 percent.
European stocks ended Thursday’s session mostly higher, helped by the latest stress test results on U.K. banks and dovish comments from Federal Reserve Chairman Jerome Powell. The pan-European Stoxx Europe 600 index rose 0.2 percent.
France’s CAC 40 index and the U.K.’s FTSE 100 both rose around half a percent while the German DAX finished marginally lower after the headquarters of Deutsche Bank have been raided by prosecutors in a money laundering investigation.
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