Oil prices slipped on Friday and were near their lowest levels since February as concerns over a possible recession and a fall in fuel demand continued to rattle markets.
Stock Market India: Equity benchmarks closed the week with gains after the Reserve Bank of India hiked its key lending rate to the highest since 2019 by a larger than broadly predicted 50 basis points, marking the third increase in a row.
The Reserve Bank of India hiked its key lending rate by 50 basis points, which was at the higher end of market expectations, to 5.40 per cent. That increase takes the repo rate to pre-pandemic level, the highest since 2019 and the third hike in a row.
The Reserve Bank of India will likely hike interest rates for the third time since the current fiscal year began in April. But the central bank's dilemma has multiplied, with pressing economic risks becoming a deeper concern for policymakers.
Oil languished near its lowest since the start of the war in Ukraine on Friday on fears of a global recession, though stocks ignored such worries.
The Reserve Bank of India is expected to raise interest rates today for the third time since the beginning of the current financial year to bring down inflation from above the upper threshold of the central bank's target since January. The focus shifts to the RBI's growth and inflation outlook and the tone of the monetary policy path.
AMTD Digital, a Hong Kong-based company that listed in New York less than three weeks ago, has surged.
The dollar slipped against most major currencies on Thursday as the positive impact of hawkish Federal Reserve comments faded.
Wall Street has lowered earnings expectations for once high-flying fintechs Coinbase and Block, as a chill in the cryptocurrency market adds more pain to the companies already grappling with surging costs and rapidly rising rates.
Asian stocks rose in a choppy session on Thursday as a bit of nervous tension over Nancy Pelosi's visit to Taiwan dissipated and as investors took cues from robust US data and earnings.
India's central-bank watchers agree that interest rates will be raised to pre-pandemic levels on Friday, yet they are split on the size of the increase aimed at fighting inflation and propping up a weak currency.
The dollar was on the front foot on Thursday, helped by several US Federal Reserve officials pushing back against suggestions they will slow the pace of interest rate hikes
Oil prices rose in early Asian trade on Thursday, bouncing off multi-month lows in the previous session caused by data signalling weak US fuel demand.