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Wall Street's main indices posted solid gains on Thursday, fuelled by strong performance from defensive and tech shares that outweighed declines for economically sensitive groups as worries persisted about a potential recession. The Dow Jones Industrial Average rose 194.23 points, or 0.64 percent, to 30,677.36, the S&P 500 gained 35.84 points, or 0.95 percent, to 3,795.73 and the Nasdaq Composite added 179.11 points, or 1.62 percent, to 11,232.19.
Shares in the Asia-Pacific traded higher on Monday as investors assess inflation and recession fears. Japan’s Nikkei 225 jumped nearly 1% in early trade, while the Topix rose 0.94 percent. In Australia, the S&P/ASX 200 advanced 0.41 percent. The Kospi in South Korea gained 0.91 percent. MSCI’s broadest index of Asia-Pacific shares rose 0.28 percent.
Indian markets rose nearly 1 percent on Friday, extending gains for a second straight session led by auto, banking, and energy stocks, in line with gains across global peers. The 30-share BSE Sensex advanced further by 462.26 points or 0.88 percent to settle at 52,727.98 while the Nifty rose by 142.60 points or 0.92 percent to settle at 15,699.25.
At 8:20 am, the SGX Nifty was trading 204 points or 1.3 percent higher at 15,922 indicating a gap up opening for the Indian markets.
Oil prices slipped more than $1 a barrel on Monday as global economic concerns depressed the oil demand outlook while investors eyed the G7 meeting this week for possible moves on Russian oil exports and a revival of the Iran nuclear deal. Brent crude futures slipped $1.42, or 1.3 percent, to $111.70 a barrel by 0010 GMT after rebounding 2.8 percent on Friday. US West Texas Intermediate crude was at $106.08 a barrel, down $1.54, or 1.4 percent, following a 3.2 percent gain in the previous session.
The US President Joe Biden said on Sunday that the G7 group of nations will ban imports of Russian gold with the aim of crippling its war effort in Ukraine. The group is expected to formally announce its decision on Tuesday.
The rupee on Friday slipped 1 paisa to close at its all-time low of 78.33 against the US dollar amid growing concerns over aggressive monetary policy tightening by central banks and relentless foreign capital outflows.
Foreign institutional investors (FIIs) net sold ₹2,353.77 crore worth of shares, while domestic institutional investors (DIIs) remained net buyers to the tune of ₹2,213.44 crore worth of shares on June 24, provisional data available on the NSE showed.
Spot gold rose by 0.42 percent at $1,838.10 per ounce, as of 7:20 am on Monday.