Stock Market LIVE Updates, Wednesday, September 4, 2024: Indian equity benchmark indices BSE Sensex and Nifty 50 were headed for a gap-down start on Wednesday, after global markets saw a sharp sell off following weak manufacturing data in the US that brought back fears of a recession in the US economy.
The same was indicated by GIFT Nifty futures that were trading at 25,171, at 7:05 AM, nearly 200 points behind Nifty futures’ last close.
Wall Street closed sharply lower overnight as investors softened their optimism about artificial intelligence.
That set up for a negative lead in Asia, with MSCI’s broadest index of Asia-Pacific shares outside Japan falling 0.44 per cent in early trade, while US stock futures extended their decline.
S&P 500 futures were off 0.1 per cent. Nasdaq futures eased 0.15 per cent.
Markets in Asia-Pacific were down on Wednesday, with Japan’s Nikkei 225 leading the losses in the region. It slid more than 3 per cent, while the broad based Topix was down 2.74 per cent.
South Korea’s Kospi had shed 2.61 per cent at open, while the small cap Kosdaq had dropped 2.94 per cent.
Meanwhile, Australia’s S&P/ASX 200 was down 1.46 per cent, and Hong Kong’s Hang Seng index futures were at 17,487, lower than the HSI’s last close of 17,651.49.
Oil prices struggled near their lowest level in months, on signs of a deal to resolve a dispute that has halted Libyan crude production and exports.
Brent crude futures were last 0.05 per cent lower at $73.71 a barrel, while US crude futures dipped 0.13 per cent to $70.25 per barrel.
A slew of US economic data is due throughout the week, including figures on job openings, jobless claims and the closely watched nonfarm payrolls report out on Friday.
Given the Federal Reserve’s focus on the health of the US labour market, Friday’s release could decide whether a rate cut expected this month will be regular or super-sized.
Safe-haven currencies like the dollar and the yen meanwhile rose on safety bids, with the Japanese currency last a touch higher at 145.36 per dollar.
Elsewhere, spot gold rose 0.05 per cent to $2,494.23 an ounce.
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