US Stocks Erase Gains; Dollar Halts Four-Day Rally…Brent nearly $100/bbl
· US Stocks are witnessing mixed bag, with traders sifting through economic reports and awaiting more clarity on the Federal Reserve’s monetary policy path from the Jackson Hole
central bankers’ symposium later this week. The S&P 500 was little changed while Dow Jones marginally decline. The dollar halted a four-day rally, while Treasury 10-year yields fluctuated near 3%.
· European market fell nearly half percent as traders digested a slew of economic data, which offered insight about the likelihood of a recession in the 19-nation euro zone amid the looming energy crisis. UK Index slipped half percent while France and Germany Index have turned into red.
· Gold snapped a six-day run of losses after new data pointed to weakness in the health of the overall economy. Gold gained 1% to $1754/ounce
· Oil prices climbed by 2% to $100/bbl after Saudi Arabian Energy Minister Prince Abdulaziz bin Salman on Monday raised the prospect of OPEC+ reducing its oil production in comments to Bloomberg News.
· FIIs were net buyers Rs563cr while DIIs were net sellers Rs215cr.