Wall Street reversed course to end in the green after a weak employment report eased fears of a change in stance by the fed at the upcoming FOMC meet; S&P 500 rose over half a percent to close at a fresh record. Moreover, Asia is mixed in morning trade.
The News International Team
In the US, stocks erased losses and rose on Friday, with benchmark indexes extending gains into a fifth week, as investors detoured around a surprisingly disappointing jobs report. All three markets recovered close to a 1 percent from lows.
And in Europe, European shares closed mostly lower as investors booked profit after the European Central Bank (ECB) announced a surprise trio of rate cuts on Thursday and as US non-farm payroll came in lower than expected.
In the currency space, sterling slumped to its lowest in nearly 10-months on Monday amid worries about political uncertainty after an opinion poll showed supporters of Scottish independence from Britain taking the lead for the first time since the referendum campaign began. It skidded nearly 1 percent.
In commodities, Brent crude slipped towards 100 dollars per barrel following weakness in US jobs data.
Back home, volatility on Dalal Street continued as it faces some resistance at higher levels. The 30-share BSE Sensex fell 59.23 points to close at 27026.70 while the 50-share NSE Nifty struggled for the second day to hold 8100 level but it could not, down 9.10 points to 8086.85. However, the broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.56 percent and 1.25 percent, respectively. ( Read more )
As the date for the Supreme Court’s decision in the coal allocation case draws near, power minister said they will not interfere with court’s decision. However, he makes it clear that they are not making a case for exemption for any player. On e-auction, he says govt is very clear that one company’s profits can’t be more important than the greater good and a cut in Coal India ‘s e-auction volumes is almost a done deal.
In other news, floods in Jammu and Kashmir have left 138 people dead – and lakhs stranded. Prime Minister Narendra Modi who was in the state yesterday to review relief operations has called it a national disaster and has promised all help to the flood affected areas in Kashmir as well as Pakistan-occupied Kashmir.