10:59 A.M.
Rupee slips against U.S. dollar
The Indian rupee depreciated against the U.S. dollar. The domestic unit opened on a weak note at 74.51 against the greenback, registering a decline of 14 paise from the last close. The Indian currency was weighed down by a lacklustre trend in the domestic equity market and firm American dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.16% to 96.06.
10:40 A.M.
Evergrande contagion | Property developer dissolves units of online marketplace
The debt-ridden China Evergrande Group has dissolved several units of its online real estate and automobile marketplace, Fangchebao, due to shrinking capital and business.
Earlier this year, Evergrande sold 10% of the company to 17 investors for $2.10 billion. The property developer with over $300 billion debt has been scrambling for funds to pay its many lenders and contractors.
10:16 A.M.
U.S. retail sales surge
U.S. retail sales surged in October as Americans started their holiday shopping early, giving the world’s largest economy a lift at the start of the fourth quarter.
Retail sales increased 1.7% last month, the largest gain since March, after rising 0.8% in September. Sales soared 16.3% year-on-year in October and are 21.4% above their pre-pandemic level. Retail trade sales were up 1.9% from September 2021, and up 14.8% above last year.
9:58 A.M.
Dollar hits four-and-a-half-year high against yen
The U.S. dollar touched a four-and-a-half-year high against the yen after data showed U.S. retail sales rose faster-than-expected in October. The greenback hit a high of 114.97 yen in early Asian hours, its strongest since March 2017.
9:35 A.M.
Oil prices drop
Oil prices dropped after U.S. oil stocks fell more than expected last week, which could heighten pressure on U.S. President Joe Biden to release oil from the Strategic Petroleum Reserve to cap soaring gasoline prices.
Brent crude futures slid 0.9%, to $82.71 per barrel, while U.S. WTI crude futures fell 0.9%, to $80.00 a barrel.
9:20 A.M.
Markets update
Indian indices opened in red amid mixed global cues. The Sensex opened at 60,179.93 down 142.44 points after falling 396 points in the previous session. Similarly, the Nifty opened at 17,939.35, down 59.85 points.
Asian shares edged lower in the morning trade, as the stocks failed to follow the gains on the Wall Street boosted by better-than-expected U.S. retail data.
MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.45% edging off Tuesday’s near three-week closing high. In Japan, Nikkei lost 0.45% and Topix slipped 0.51%. South Korea’s Kospi fell 0.97%. Hong Kong’s Hang Seng slid 0.22%.
In U.S., the Dow Jones Industrial Average rose 54.77 points, or 0.15%, to 36,142.22, the S&P 500 added 18.10 point, or 0.39%, to 4,700.90 and the Nasdaq Composite surged 120.01 points, or 0.76%, to 15,973.86.
—- Edited by John Xavier
(With inputs from Reuters, PTI and other news agencies.)
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