(RTTNews) – Indian shares look set to open higher on Friday as strong US data released overnight helped ease recession concerns and China eased its monetary policy again, this time reducing reserve requirements for banks with 0.25 percent to boost the shuttering economy.
Benchmark indices Sensex and Nifty ended a choppy session marginally higher on Thursday, while the rupee fell 2 paise to close at 83.03 against the dollar.
Asian markets advanced this morning after government data showed Chinese retail sales and industrial production picked up with better-than-expected growth in August.
The dollar maintained gains overnight, while crude oil prices remained at their highest levels since early November 2022.
U.S. stocks posted strong gains overnight as investors cheered better-than-expected retail sales and the big debut of chip designer Arm.
A range of economic data showed a rise in producer price inflation, solid retail sales and a rise in weekly unemployment claims.
The Dow Jones gained 1 percent for its biggest gain in a month, while the tech-heavy Nasdaq Composite and the S&P 500 both rose about 0.8 percent.
European shares rose sharply on Thursday after the European Central Bank (ECB) implemented a tenth straight rate hike but announced a possible end to its rate hike campaign aimed at curbing inflation.
The pan-European STOXX 600 advanced 1.5 percent. The German DAX rose 1 percent, the French CAC 40 rose 1.2 percent and the British FTSE 100 rose 2 percent.
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