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10 things you need to know before the opening bell on August 6

Updated : 2019-08-06 08:32:10

Indian shares are likely to open lower on Tuesday following losses in global markets over escalating US-China trade war. Moreover, the tension in Jammu and Kashmir over scrapping of Article 70 and continued foreign capital outflow may also weigh on the markets. Asian stocks declined after the US designated China a currency manipulator. BSE Sensex and NSE’s Nifty50 ended over 1 percent lower in the previous session over selloffs in global equities. At 7.05 AM, the SGX Nifty futures traded 81.50 points, or 0.75 percent, lower at 10,788, indicating a negative start for the Sensex and the Nifty 50.

1. Asia: Asian shares tumbled on Tuesday after Beijing confirmed it is suspending agricultural product purchases in response to the American tariffs. In Japan, the Nikkei225 plunged 2.61 percent in early trade while South Korea's KOSPI dropped 1.6 percent. The MSCI Asia ex-Japan index declined 0.76 percent. (Image: Reuters)
1. Asia: Asian shares tumbled on Tuesday after Beijing confirmed it is suspending agricultural product purchases in response to the American tariffs. In Japan, the Nikkei225 plunged 2.61 percent in early trade while South Korea's KOSPI dropped 1.6 percent. The MSCI Asia ex-Japan index declined 0.76 percent. (Image: Reuters)
2. US: Wall Street slumped on Monday and futures pointed to more losses to come after a fall in China's yuan currency and U.S. President Donald Trump's vow to impose additional tariffs on Chinese goods sparked an escalation of the U.S.-China trade war, reported Reuters. The Dow fell 2.9 percent to 25,717.74, the S&P 500 lost 2.98 percent to 2,844.74 and the Nasdaq dropped 3.47 percent to 7,726.04. (Image: Reuters)
2. US: Wall Street slumped on Monday and futures pointed to more losses to come after a fall in China's yuan currency and U.S. President Donald Trump's vow to impose additional tariffs on Chinese goods sparked an escalation of the U.S.-China trade war, reported Reuters. The Dow fell 2.9 percent to 25,717.74, the S&P 500 lost 2.98 percent to 2,844.74 and the Nasdaq dropped 3.47 percent to 7,726.04. (Image: Reuters)
3. Markets At Close On Monday: Indian equity benchmark indices tanked on Monday after intense selling in banking, finance and metal stocks amid weak global cues and political uncertainty over the Kashmir issue. The BSE Sensex slumped 418.38 points to close at 36,699.84 while NSE Nifty50 slipped 134.75 points to close at 10,862.60. Meanwhile, foreign institutional investors sold 2,017 crore while domestic institutional investors bought 1,871 crore on a net basis. The dollar index, which measures the greenback against a basket of currencies, was down about 0.26 percent on Monday. The Indian Rupee closed at 70.74, higher by 1.16 paise or 1.66 percent. (Image: Reuters)
3. Markets At Close On Monday: Indian equity benchmark indices tanked on Monday after intense selling in banking, finance and metal stocks amid weak global cues and political uncertainty over the Kashmir issue. The BSE Sensex slumped 418.38 points to close at 36,699.84 while NSE Nifty50 slipped 134.75 points to close at 10,862.60. Meanwhile, foreign institutional investors sold 2,017 crore while domestic institutional investors bought 1,871 crore on a net basis. The dollar index, which measures the greenback against a basket of currencies, was down about 0.26 percent on Monday. The Indian Rupee closed at 70.74, higher by 1.16 paise or 1.66 percent. (Image: Reuters)
4. Crude Oil: Global oil benchmark Brent futures fell more than 3% on Monday on global growth concerns after U.S. President Donald Trump last week threatened China with more tariffs, which could limit crude demand from the world's two biggest buyers. Brent crude fell $2.08, or 3.36 percent, to settle at $59.81 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 97 cents, or 1.74 percent, to settle at $54.69 a barrel, (Image: Reuters)
4. Crude Oil: Global oil benchmark Brent futures fell more than 3% on Monday on global growth concerns after U.S. President Donald Trump last week threatened China with more tariffs, which could limit crude demand from the world's two biggest buyers. Brent crude fell $2.08, or 3.36 percent, to settle at $59.81 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 97 cents, or 1.74 percent, to settle at $54.69 a barrel, (Image: Reuters)
5. US-China's Boiling Trade War: A year-long US-China trade war boiled over on Monday as Washington accused Beijing of manipulating its currency after China let the yuan drop to its lowest point in more than a decade. The US Treasury Department announced late on Monday that it had determined for the first time since 1994 that China was manipulating its currency, knocking the US dollar sharply lower and sending gold prices to a six-year high. (Image: Reuters)
5. US-China's Boiling Trade War: A year-long US-China trade war boiled over on Monday as Washington accused Beijing of manipulating its currency after China let the yuan drop to its lowest point in more than a decade. The US Treasury Department announced late on Monday that it had determined for the first time since 1994 that China was manipulating its currency, knocking the US dollar sharply lower and sending gold prices to a six-year high. (Image: Reuters)
6. Industry Leaders On Article 370: Industry leaders on Monday hailed Narendra Modi-led government's decision to scrap Article 370 which gave special status to Jammu and Kashmir, saying it will ensure equality to residents of the state. The industry leaders also saw the development as the BJP fulfilling its election promise to do away with the article. (Image: AP)
6. Industry Leaders On Article 370: Industry leaders on Monday hailed Narendra Modi-led government's decision to scrap Article 370 which gave special status to Jammu and Kashmir, saying it will ensure equality to residents of the state. The industry leaders also saw the development as the BJP fulfilling its election promise to do away with the article. (Image: AP)
7. RBI MPC With Expectation Of Another Rate Cut: The Monetary Policy Committee of the Reserve Bank of India (RBI) is likely to bring down the benchmark policy rate by a quarter percentage point in its third bi-monthly policy decision this week, according to a poll conducted by <em>CNBC-TV18</em>. With the headline inflation broadly tracking MPC’s estimates and core inflation moderating since the last policy, monsoon shortfall easing and growth appearing to remain subdued for some time, the markets are factoring in a rate cut. (Image: Reuters)
7. RBI MPC With Expectation Of Another Rate Cut: The Monetary Policy Committee of the Reserve Bank of India (RBI) is likely to bring down the benchmark policy rate by a quarter percentage point in its third bi-monthly policy decision this week, according to a poll conducted by CNBC-TV18. With the headline inflation broadly tracking MPC’s estimates and core inflation moderating since the last policy, monsoon shortfall easing and growth appearing to remain subdued for some time, the markets are factoring in a rate cut. (Image: Reuters)
8. Sitharaman To Meet Sector Representatives: Finance Minister Nirmala Sitharaman on Monday said she will meet representatives of various sectors and
8. Sitharaman To Meet Sector Representatives: Finance Minister Nirmala Sitharaman on Monday said she will meet representatives of various sectors and "fairly quickly" come out with steps to help them. Sitharaman, who on Monday met the heads of public and private sector banks, is scheduled to hold similar meetings during the week with representatives of the micro, small and medium enterprises (MSME) and automobile sectors, industry chambers, markets, real estate and home buyers. (Getty Image)
9. Finance Ministry On Lending Rate Transmission: The finance ministry on Monday said banks have agreed to take steps to review lending rates as they have not
9. Finance Ministry On Lending Rate Transmission: The finance ministry on Monday said banks have agreed to take steps to review lending rates as they have not "commensurately" transmitted to borrowers benefits of reduction in the policy rate by the RBI. (Image: Reuters)
10. India's Services Sector Activity: The country's services sector activity in July returned to growth territory driven by new business orders that rose at the fastest pace since October 2016, following which job creation picked up, a monthly survey showed on Monday. The IHS Markit India Services Business Activity Index rose to 53.8 in July from 49.6 in June, pointed to the quickest increase in output in one year. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction. (stock image)
10. India's Services Sector Activity: The country's services sector activity in July returned to growth territory driven by new business orders that rose at the fastest pace since October 2016, following which job creation picked up, a monthly survey showed on Monday. The IHS Markit India Services Business Activity Index rose to 53.8 in July from 49.6 in June, pointed to the quickest increase in output in one year. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction. (stock image)
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