Sensex ends marginally lower, Nifty holds above 10,400; Nifty Pharma up 3%

All that happened in today's trade

8:49 AM

Oil up as US crude inventories fall despite rising production

 

Oil prices edged up on Thursday as U.S. crude inventories fell despite a rise in production, while outside the United States an OPEC-led supply cut continued to tighten the market.

 

Brent futures, the international benchmark for oil prices, were at $60.64 per barrel, up 15 cents or 0.3% from their last close. Brent has risen more than 35% since its 2017-lows last June.

 

US West Texas Intermediate (WTI) crude was at $54.36 a barrel, up 6 cents from the last settlement, and some 30% above its 2017-low in June.

8:44 AM

SGX Nifty

 

The Nifty50 futures on the Singapore Stock Exchange were trading 23 points lower at 10461.50 indicating a flat to negative opening for the domestic market.

8:44 AM

Asia Check

Asian shares advanced on Thursday after the US Federal Reserve expressed optimism about the economy, virtually cementing the case for a year-end rate hike as investors awaited the formal nomination of the next head of the central bank.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.1% in early trading, moving back toward a 10-year peak scaled in the previous session.

 

Japan's Nikkei stock index was up 0.2%, probing fresh 21-year highs and on track to gain 2.3% in a holiday-shortened week. Japanese markets will be closed for a national holiday on Friday.

8:43 AM

Trump to name new Fed chair today

The White House plans to nominate current Fed Governor Jerome Powell as the next chair when Janet Yellen’s term expires in February, a source familiar with the matter said on Wednesday. Powell’s nomination is expected later on Thursday and would need to be confirmed by the Senate.

 

Rising expectations that President Donald Trump will tap Powell, who is seen as more dovish on interest rates, have pressured US Treasury yields and the dollar this week.

8:41 AM

Fed keeps rates unchanged

The Federal Reserve kept interest rates unchanged on Wednesday and pointed to solid U.S. economic growth and a strengthening labor market while playing down the impact of recent hurricanes, a sign it is on track to lift borrowing costs again in December.

 

Investors had all but ruled out a rate hike at the central bank’s policy meeting this week and attention has largely been focused on who will be in charge of monetary policy at the end of Fed Chair Janet Yellen’s first term in February 2018.

8:40 AM

Wall Street Check

On Wednesday, Wall Street posted modest gains after the Fed held policy steady as expected and underscored solid U.S. economic growth as well as a strengthening labour market while downplaying the impact of recent hurricanes.

8:39 AM

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