 "10 things you need to know before the opening bell")
Global cues:
A jump in US bond yields underpinned the dollar and kept Asian stocks in check.MSCI’s broadest index of Asia-Pacific shares outside Japan was flat in early trade, following a 0.4 percent gain on Thursday. It was on track to end the week up more than 2 percent. Tokyo’s Nikkeieased 0.2 percent, but was still up more than 5 percent this week.
The dollar rose to a seven-week peak against the euro on Thursday after the head of the European Central Bank said its Governing Council expects key ECB interest rates to remain at present or lower levels for an extended period.
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Reuters[/caption]
US stocks edged up on Thursday, rising for a third day after strong data indicated improving economic conditions, with caution capping gains ahead of Friday’s payrolls report and its implication on the Federal Reserve’s stimulus program.Markets continue to deal with the possibility of a U.S.-led strike against Syria, and USPresident Barack Obama faced growing pressure at the Group of 20 summit in Russia not to use military force.
Business/Stock news:
In what could prove a setback forRelianceIndustries Ltd (RIL), there is a proposal to deny it a higher price for gas produced from its D1 and D3 discoveries, if it is established the company artificially suppressed output in these fields.
Bharti group Chairman Sunil Mittal said he has no intention of buying back around 4 percent stake that UK-based Vodafone, which also operates in India, holds in hisBharti Airtel.
With a nearly 15 percent hike in oil prices and a fall in rupee value, Air India on Thursday joined other airlines in raising its fares with its officials saying these were being increased to the levels two-three months ago.
Economy news:
On Thursday, both equity and currency markets continued their rise that began on Wednesday, reflecting renewed optimism sparked by the maiden speech of Raghuram Rajan, the newly appointed governor of the Reserve Bank of India (RBI).
The value of the rupee will be decided by macroeconomic conditions, finance minister P. Chidambaram said on Thursday, adding that he expected some recovery in the currency after sharp losses since May.Chidambaram said the current value of the rupee was a matter of concern but that the currency had been due a fall.