Apple Stock – Indian Shares Seen Lower Amid Global Selloff
(RTTNews) – Indian shares look set to open lower on Wednesday after global rating agency Moody’s sharply trimmed its India GDP growth forecast for FY22 to 9.3 percent from 13.7 percent estimated in February, citing negative impact of the severe second wave of coronavirus infections.
Japanese brokerage Nomura also cut its GDP growth estimate for the current 2021-22 fiscal to 10.8 percent from the earlier 12.6 percent.
Benchmark indexes Sensex and the Nifty ended down 0.7 percent and 0.6 percent, respectively on Tuesday while the rupee closed almost flat at 73.34 against the dollar.
Asian markets remain broadly lower this morning and Treasury yields held steady while the dollar gained ground as investors await inflation report and government debt sales in the U.S.
Oil prices rose on fears of a gasoline shortage after a cyberattack caused an outage at the largest U.S. fuel pipeline system.
U.S. stocks ended lower overnight as positive data on job openings added to concerns over inflation. The tech-heavy Nasdaq Composite plunged as much as 2.2 percent before ending 0.1 percent lower, while the Dow dropped 1.4 percent and the S&P 500 shed 0.9 percent.
European stocks ended Tuesday’s session sharply lower, with travel, retail and technology stocks among the worst hit.
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