Gift Nifty, Asian markets to selloff in US stocks - key triggers for Indian stock market today
Fitch downgraded the United States to AA+ from AAA, citing expected fiscal deterioration over the next three years as well as growing government debt. Meanwhile, private payrolls data in the US showed that the companies added 324,000 new jobs last month, much higher than the consensus estimates. In Asia, investors will focus on the Caixin private survey for China’s service sector activity in July.
Japan’s Nikkei 225 fell 0.95%, while the Topix also declined 0.9%. South Korea’s Kospi eased 0.11% and the Kosdaq was also down 0.88%. South Korean internet giant Kakao saw its second quarter net profit fall by 44%, prompting a slide in its shares.
Hong Kong’s Hang Seng index futures traded around 100 points lower at 19,403. Australia’s S&P/ASX 200 dropped 0.57%. Meanwhile, Gift Nifty was trading at 19,516 as compared to Nifty’s previous close of 19,526.55, indicating a weaker start for the Indian benchmark index.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — 3rd August US stock indices ended lower Wednesday with the S&P 500 lodging its worst day since April. The Dow Jones Industrial Average fell 348.16 points, or 0.98%, at 35,282.52, while the S&P 500 declined 63.34 points, or 1.38%, at 4,513.39. The Nasdaq Composite plunged 310.47 points, or 2.17%, at 13,973.45.
Among stocks, Generac Holdings shares cracked 24.4% and SolarEdge Technologies tanked 18.4% after the companies reported weaker profit. CVS Health rose 3.3% and Humana surged 5.6%. European markets plunged, with the pan-European STOXX 600 index falling 1.4%.
Britain’s FTSE 100 declined 1.4% to 7,561.63, while Germany’s DAX dropped 1.4% to 16,020.02. France’s CAC 40 ended 1.3% lower at 7,312.84. Shares of Telefonica Deutschland tanked
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