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Indian equity benchmarks resumed declines on Friday after a one-day breather. Nifty closed 0.34% lower at 23,398.10, while BSE Sensex closed 0.16% lower at 74,781.76. This was after they recovered from its intraday low.
Oil Prices
Brent crude held above $107 a barrel as fighting between Yemen-based Houthi militants and Saudi-backed forces intensified, raising concerns about further disruption to energy supplies.
Oil prices had already weighed on markets in the previous session, with West Texas Intermediate crude futures rising above $100 a barrel. Brent and WTI both recorded their highest settlements since May 19 as the US-Iran conflict continued into its seventh month.
US Markets
US stock futures were little changed early Friday as investors awaited the August consumer price index report. S&P 500 futures edged higher, Dow futures fell 11 points and Nasdaq-100 futures gained less than 0.1%.
Wall Street’s major averages extended their losses on Thursday. The Dow fell more than 300 points, or 0.6%, while the S&P 500 declined 0.6% and the Nasdaq Composite slipped 0.7%. It was the fourth straight session of losses for all three.
The Dow is heading for a 2.5% weekly decline, while the S&P 500 and Nasdaq are each set for a 1.6% fall.
Investors are weighing the impact of higher oil prices and the escalating Middle East conflict as they await US inflation data.