Home >Market >Stock-market-news >News roundup | Global markets fall on weak China data, Hong Kong unrest

Mumbai: In India, Prime Minister Narendra Modi launched the Clean India Campaign on Thursday at Rajpath, the avenue that runs from Rashtrapati Bhavan to India Gate in New Delhi and urged people to dedicate 100 hours per year to volunteer towards making India cleaner.

Overnight, US markets stabilized after the recent sell-off as investors brushed off heavy selling in the overseas markets. The Dow Jones Industrial Average and S&P 500 ended marginally higher, while the Dow Jone Industrial Average closed in the red.

The European Central Bank (ECB) did not take any rate action during the policy meeting on Thursday despite inflation weakening to a five-year low. ECB is in a wait and watch mode to see if the stimulus measures undertaken in recent months lift the eurozone’s weak economy, reports Wall Street Journal.

Asian markets were trading mostly lower following weak economic data from China and protests in Hong Kong. Property stocks were among the biggest losers on Hong Kong’s Hang Seng index, dragging the index down by 1.2% as political protests in the city neared their one-week anniversary.

China’s Shanghai Composite was trading flat after government data showed non-manufacturing companies slowed in September and Japan’s Nikkei Stock Average was down around 0.2%.

Global Brent crude prices dropped to their lowest level since June 2012 to $91.55 per barrel, after price cuts from Saudi Arabia added to supply glut worries and weak global economic data. Lower crude prices will be boon for India as it will reduce the import bill and bring down inflation.

Real estate sector in India will get a funding boost as US private equity firm Kohlberg Kravis Roberts and Co. Lp (KKR and Co. Lp) has made its entry in the country’s real estate sector by finalising investments of 750 crore in two property projects—Bhartiya Group’s integrated township in Bangalore and Wadhwa Group’s luxury home project in west central Mumbai, reports Economic Times.

Large IT services companies are expected to post robust growth in the September quarter on back of strong deal flow and uptick in demand, reports Business Standard. Tata Consultancy Services Ltd (TCS) will be leading the pack followed by HCL Technologies Ltd. Cross currency headwinds and pay rise may hit margins of some IT firms.

Lastly, the International Boxing Association opened a disciplinary case against Indian boxer Sarita Devi for refusing to accept the bronze medal at the award ceremony during the 17th Asian Games. The International Boxing Association has also been at the receiving end of criticism about reviewing complaints against allegedly biased decisions being taken in favour of host South Korea’s pugilists, reports Business Standard.

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