(RTTNews) – Indian stocks are expected to open little change on Wednesday after the International Monetary Fund (IMF) cut India’s economic growth forecast for the financial year 2022-23 to 7.4%, significantly below its previous estimate of 8.2%, reflecting less favorable external growth. conditions and a more rapid tightening of policies.
Defense related stockpiles could be in focus after the government cleared arms purchases worth Rs. 28,732 crores which will be designed and developed in the country.
Telecom stocks could also see increased activity after reports that the 5G spectrum auction received bids worth $18 billion on its first day.
Benchmarks Sensex and Nifty fell around 0.9% each on Tuesday while the rupiah stabilized at 79.78 against the dollar.
Asian markets traded mostly lower this morning, although the decline remained capped after Alphabet Inc., Microsoft Corp. and Texas Instruments Inc. all reported double-digit quarterly revenue growth and the US president played down recession fears.
Treasury yields were flat and the dollar index weakened as investors awaited the Fed’s policy decision.
Oil prices were flat or slightly higher in Asian trading after industry data showed a bigger-than-expected drop in U.S. crude inventories.
US stocks fell sharply overnight after poor earnings news from Walmart and General Motors.
A measure of consumer confidence fell to nearly a year-and-a-half low in July and new home sales fell to their lowest level in just over two years in June, raising the odds of a a recession.
The tech-heavy Nasdaq Composite lost 1.9%, the S&P 500 lost 1.2% and the Dow Jones fell 0.7%.
European stocks ended mostly lower on Tuesday after the IMF cut its global growth forecast and raised its inflation projection.
EU energy ministers agreed on a plan to cut gas consumption across the bloc as Moscow further cut energy supplies to the European Union.
The pan-European Stoxx 600 index finished slightly lower. Germany’s DAX fell 0.9%, France’s CAC 40 fell 0.4% and Britain’s FTSE 100 ended flat with a negative bias.
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