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10 things you need to know before the opening bell on May 8

Updated : 2019-05-08 07:50:44

Indian markets are likely to open lower on Wednesday following a selloff in global markets after trade tensions between US and China escalated. Shares in Asian and the US fell sharply as the latest developments in the US-China trade conflict fanned fresh fears about global growth. The US on Monday accused Beijing of backtracking from commitments made during trade negotiations. Indian investors are cautious ahead of the Lok Sabha election results due on May 23. In the previous session, benchmark indices BSE Sensex and NSE’s Nifty 50 plunged nearly 1 percent. At 06:47 AM, the SGX Nifty, an early indicator of the Nifty 50's trend in India, was trading 71 points lower at 11,467.50.

1. Asia: MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 percent, stooping to its lowest level since late March. Japan's Nikkei dropped 1.51% in early trade. South Korea's Kospi declined 0.86 percent while Australia's ASX 200 also shed 0.84 percent, as most sectors declined. (Image: Reuters)
1. Asia: MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 percent, stooping to its lowest level since late March. Japan's Nikkei dropped 1.51% in early trade. South Korea's Kospi declined 0.86 percent while Australia's ASX 200 also shed 0.84 percent, as most sectors declined. (Image: Reuters)
2. US: The Dow Jones Industrial Average plunged 473.39 points close to 25,965.09- the biggest drop since January 3. The S&P 500 closed 1.65 percent lower at 2,884.05 while the Nasdaq Composite declined 1.96 percent at 7,963.76. (Image: Reuters)
2. US: The Dow Jones Industrial Average plunged 473.39 points close to 25,965.09- the biggest drop since January 3. The S&P 500 closed 1.65 percent lower at 2,884.05 while the Nasdaq Composite declined 1.96 percent at 7,963.76. (Image: Reuters)
3. Markets At Close On Tuesday: The benchmark equity indices ended lower paring day's gain on Tuesday amid fresh trade worries between US-China. The BSE Sensex was down 324 points at 38,276.63, while NSE Nifty50 was down 100 points at 11,497.90. (Image: Reuters)
3. Markets At Close On Tuesday: The benchmark equity indices ended lower paring day's gain on Tuesday amid fresh trade worries between US-China. The BSE Sensex was down 324 points at 38,276.63, while NSE Nifty50 was down 100 points at 11,497.90. (Image: Reuters)
4. Crude Oil: Oil prices rose in the morning of Asian trading hours, with the international benchmark Brent crude futures contract adding 0.16% to $69.99 per barrel. U.S. crude futures added 0.36% to $61.62 per barrel. (Image: Reuters)
4. Crude Oil: Oil prices rose in the morning of Asian trading hours, with the international benchmark Brent crude futures contract adding 0.16% to $69.99 per barrel. U.S. crude futures added 0.36% to $61.62 per barrel. (Image: Reuters)
5. Rupee: The rupee ended at 69.43 a dollar, down 0.03 percent from its previous close of 69.41. (Image: Reuters)
5. Rupee: The rupee ended at 69.43 a dollar, down 0.03 percent from its previous close of 69.41. (Image: Reuters)
6. US Dollar: The dollar index, which tracks the greenback against a basket of its peers, was at 97.578 after rising from levels below 97.5 yesterday. (Image: Reuters)
6. US Dollar: The dollar index, which tracks the greenback against a basket of its peers, was at 97.578 after rising from levels below 97.5 yesterday. (Image: Reuters)
7. FIIs & DIIs: Foreign institutional investors (FIIs) sold shares worth Rs 645 crore on a net basis in the cash market, while domestic institutional investors (DIIs) bought shares worth Rs 819 crore on May 7. (Image: Reuters)
7. FIIs & DIIs: Foreign institutional investors (FIIs) sold shares worth Rs 645 crore on a net basis in the cash market, while domestic institutional investors (DIIs) bought shares worth Rs 819 crore on May 7. (Image: Reuters)
8. US On GSP Benefits To India: The US could reverse the decision of withdrawing trade concessions to India under the Generalised System of Preferences (GSP) if situation warrants, said US commerce secretary Wilbur Ross on Tuesday. In an exclusive interview with CNBC-TV18, the commerce secretary said that the decision could be reversed if India addresses the issues raised during the negotiations. (Image: Reuters)
8. US On GSP Benefits To India: The US could reverse the decision of withdrawing trade concessions to India under the Generalised System of Preferences (GSP) if situation warrants, said US commerce secretary Wilbur Ross on Tuesday. In an exclusive interview with CNBC-TV18, the commerce secretary said that the decision could be reversed if India addresses the issues raised during the negotiations. (Image: Reuters)
9. S&P On GST Regime: Goods and Services Tax (GST) regime in India is not likely to reduce the deficits of state governments significantly, amid large and growing expenditure mandates for the social sector as well as capital spending, says a report. According to S&P Global Ratings, the institutional framework for Indian states is evolving, but there are structural deficits due to persistent revenue expenditure mismatch. (Image: Reuters)
9. S&P On GST Regime: Goods and Services Tax (GST) regime in India is not likely to reduce the deficits of state governments significantly, amid large and growing expenditure mandates for the social sector as well as capital spending, says a report. According to S&P Global Ratings, the institutional framework for Indian states is evolving, but there are structural deficits due to persistent revenue expenditure mismatch. (Image: Reuters)
10. IMF Chief Christine Lagarde On US-China Tensions: The head of the International Monetary Fund said Tuesday that fresh trade tensions between the United States and China were the main threat to the world economy.
10. IMF Chief Christine Lagarde On US-China Tensions: The head of the International Monetary Fund said Tuesday that fresh trade tensions between the United States and China were the main threat to the world economy. "Clearly the tensions between the United States and China are the threat for the world economy," Christine Lagarde told journalists at a conference in Paris, adding that recent "rumours and tweets" made an agreement between the countries less likely. (Image: Reuters)
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