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Sensex soars 620 pts to end near 57.7k, Nifty above 17.1k; Metal, Auto shine

The blue-chip NSE Nifty 50 index was up 1.08%, while the benchmark S&P BSE Sensex rose 1.09% on Wednesday. (MINT_PRINT)Premium
The blue-chip NSE Nifty 50 index was up 1.08%, while the benchmark S&P BSE Sensex rose 1.09% on Wednesday. (MINT_PRINT)

  • Indian shares rose over 1% on Wednesday, boosted by metal, auto and banking stocks, after growth data showed India grew at a faster pace than any major economy in the September quarter

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Stock markets roared higher on Wednesday, reversing much of the previous session's losses, as investors used the dip in prices to bet the latest covid-19 variant would not derail the economic recovery. Indian markets, also expected to react to GDP numbers, opened on a positive note today. Sensex and Nifty traded in the green with most of the sectors witnessing a surge. 

01 Dec 2021, 03:43:23 PM IST

Markets closing view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The markets have been able to record a positive close for the day! However, that does not rule out the current short term bear trend. Unless we do not get past 17400-17500 on a closing basis, every rise should be looked at as an opportunity to short sell the Nifty.

 

01 Dec 2021, 03:42:14 PM IST

Markets close

Benchmark indices closed in the green on Tuesday. The Sensex jumped 619.9 points to close at 56,684. Meanwhile, Nifty ended the session 183.7 points higher at 17,166. Broader markets also advanced. The BSE mid-cap and small-cap indices ended with marginal profits.

On the Sensex, 23 stocks advanced, while 7 stocks declined. IndusInd Bank, Axis Bank, SBI, and Maruti were the top gainers, while Dr Reddy's, Ultra Cement and Sun Pharma were top drags. On the Nifty, too, IndusInd Bank, JSW Steel and Tata Motors were top gainers with Axis Bank, while Cipla, Ultra Cement along with Dr Reddy's dragged. Nifty saw 35 advances and 14 declines.

 

BSE stocks.
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BSE stocks.
01 Dec 2021, 03:30:46 PM IST

Mahindra registers 8% demand in SUV for November sales

Mahindra & Mahindra has today announced that its overall auto sales (passenger vehicles+commercial vehicles+exports) for the month of November 2021 stood at 40,102 vehicles. In the Utility Vehicles segment, Mahindra sold 19,384 vehicles in November 2021. The passenger vehicles segment (which includes UVs, Cars and Vans) sold 19,458 vehicles in November 2021. Exports for the month of November 2021 were at 3101 vehicles.

01 Dec 2021, 03:25:02 PM IST

India's CEA sees no impact on RBI policy as Fed turns hawkish

A possible tightening of monetary policy by the Federal Reserve may not prompt the Reserve Bank of India to follow suit as inflationary pressures are contained for now, a top government adviser said.

Federal Reserve Chair Jerome Powell paved the way for quicker-than-expected US hikes, which could ripple through rate-sensitive emerging market assets. He told Congress that policymakers will discuss whether to wrap up bond purchases a few months earlier and retired the word “transitory" from his commentary on inflation.

01 Dec 2021, 03:20:43 PM IST

India's power demand growth slows in November, helping ease coal shortage

India's electricity demand grew 2.2% in November, slower than the 4.1% increase in October, a Reuters analysis of government data showed, helping the energy-hungry nation tide over a crippling coal shortage that caused widespread power cuts.

Surging power demand and high global prices in October left utilities scrambling for coal, India's dominant fuel for power generation, despite record supplies from state-run Coal India, which has a near-monopoly of production.

01 Dec 2021, 03:10:21 PM IST

ICICI Bank revises fixed deposit rates. Latest FD rates here

ICICI Bank has revised interest rates on fixed deposits (FDs). The bank offers fixed deposits ranging from 7 days to 10 years. ICICI Bank gives interest rates ranging from 2.5% to 5.50% on deposits maturing in 7 days to 10 years. These rates are applicable from 16 November 2021.

01 Dec 2021, 02:59:18 PM IST

Sensex stocks at this hour

Market watch
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Market watch
01 Dec 2021, 02:48:29 PM IST

TVS Motor two wheeler sales decline 272,693 units in November

TVS Motor Company registered a decline of 50,016 units of two wheeler sales to reach 272,693 units in November 2021 as against sales of 322,709 in the month of November 2020. Total two-wheelers registered sales of 257,863 units in November 2021 as against sales of 311,519 units in November 2020. Domestic two-wheeler registered sales of 175,940 units in November 2021 as against sales of 247,789 units in November 2020.

 

01 Dec 2021, 02:37:40 PM IST

ICICI Prudential Life Insurance launches new income product

ICICI Prudential Life Insurance today launched a new non-participating savings product ‘ICICI Pru Guaranteed Income for Tomorrow (Long-term)’. This product provides customers with the option to either receive regular guaranteed tax-free ‘Income’ or ‘Income with 110% Return of Premium’. Both these plan options provide income for up to 30 years. The life cover offered under this product continues for the entire duration of the policy including the income period, thereby providing financial security to loved ones.

01 Dec 2021, 02:25:37 PM IST

Nifty Pharma under pressure, down 1.4%

Nifty Pharma.
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Nifty Pharma.
01 Dec 2021, 02:14:30 PM IST

India's GDP likely to grow more than 9.5% in FY22: SBI Report

India's gross domestic product (GDP) is likely to grow more than 9.5 per cent in fiscal 2021-22, an SBI research report-Ecowrap said. The economy grew at 8.4 per cent in the second quarter of the current fiscal, according to data released by the National Statistical Office (NSO) on Tuesday. The growth in the April-June quarter of this fiscal stood at 20.1 per cent.

01 Dec 2021, 02:04:41 PM IST

Birla Estates to launch premium homes on iconic Century Mill land in Worli

Birla Estates Pvt Ltd, a subsidiary and real estate arm of Century Textiles and Industries Ltd (CTIL), will launch a mixed-use development project, comprising premium homes, offices and retail, on the iconic Century Textile Mill land in Mumbai’s upscale Worli.

01 Dec 2021, 01:54:52 PM IST

Volatility lower as India VIX down 4.9%

01 Dec 2021, 01:46:05 PM IST

Nifty Auto up 1%

Nifty Auto.
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Nifty Auto.
01 Dec 2021, 01:34:12 PM IST

Star Health Insurance IPO: What GMP signals on second day of subscription

Star Health Insurance IPO: Despite being Rakesh Jhunjhunwala-backed company, the public issue of Star Health Insurance has received tepid response from the investors. After getting 12 per cent subscribed on first day of subscription, the public offer has received mere 2 per cent subscription on second date of subscription i.e. today till 11.29 AM. So, by 11:29 AM today, the public issue has received just 14 per cent subscription of its total offer. This is getting reflected in the grey market too. As per the market observers, shares of Star Health Insurance are available at a premium of 15 in the grey market today.

01 Dec 2021, 01:25:40 PM IST

GST collections in November cross ₹1.3 lakh crore, second highest ever

The gross GST revenue collected in the month of November 2021 was 1,31,526 crore, the second highest ever since introduction of GST, second only to that in April 2021. For the second straight in November, gross GST collection crossed 1.30 lakh crore. The revenues for the month of November 2021 are 25% higher than the GST revenues in the same month last year and 27% over 2019-20.

01 Dec 2021, 01:16:36 PM IST

Nifty Bank up 1.47%; IndusInd, Axis and RBL Bank top gainers

Nifty Bank
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Nifty Bank
01 Dec 2021, 12:58:41 PM IST

Coromandel Intl to benefit from good rabi season, new launches, expansions

Coromandel International Ltd has seen its share prices correct significantly. The stock is down about 20% since its highs in June, as erratic monsoons hurt investor confidence. Nevertheless, analysts now feel that the company’s earnings prospects look strong led by expected traction in the upcoming rabi season. Healthy reservoir levels and soil moisture conditions are also favourable for a good sowing season, boosting the company’s prospects.

 

01 Dec 2021, 12:48:15 PM IST

Indian stocks unlikely to recoup recent losses until 2022-end: Reuters poll

Indian equities will not recoup recent losses until after mid-2022 on worries over COVID-19 resurgence and global monetary policy tightening, according to a Reuters poll of strategists which showed a correction was likely in the next six months.

01 Dec 2021, 12:36:26 PM IST

Bajaj Auto two wheeler sales plunge 23 per cent

Bajaj Auto two-wheeler sales for the month of November 2021 declined 23 per cent to 144,953 units from the 188,196 units sold last year during the same phase. The exports for the same category dipped just 2 per cent from 196,797 units last year to 193,520 vehicles being exported this year. Overall, Bajaj Auto witnessed 12 per cent downslide to 338,473 units during Nov 21 compared to 384,993 sold last year.

 

01 Dec 2021, 12:24:26 PM IST

Sensex at this hour

Source: BSE
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Source: BSE
01 Dec 2021, 12:13:33 PM IST

Nifty technicals: Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel One Ltd)

We had a muted start for the day in the absence of any major trigger on the global as well as domestic front. Immediately, the bulls geared up to lift market higher in the initial trades. Within first one and a half hour of the session, Nifty was back to 17300 with handsome gains. However, the global peers became nervous all of a sudden which resulted in a complete nosedive in our markets too. Within no time, it not only erased all gains but also managed to send Nifty slightly below the 17000 mark. This was followed by some consolidation with mild recovery; but once again the tail end correction poured complete water on this attempt to conclude the session below 17000 for the first time after August 30, 2021.

The way market corrected sharply after testing 17300, is a clear sign of bearish trend and market participants are falling prey repeatedly to intraday recoveries. This is what we have been reiterating since last few days, one should avoid getting carried away by in between rebounds. In such kind of phase, traders should keep a watch on important resistance where they can either lighten up longs or create fresh shorts; but mostly, participants tend to find buying opportunity at supports which eventually becomes only a hope trade. We continue to remain cautious on the market and expect Monday’s low around 16800 to be breached soon.

On the flipside, 17150 – 17300 has now become a sturdy wall for the coming session. We reiterate, markets are likely to give multiple intraday bounce backs but it’s advisable not to get carried away with this. A lot of stocks seem to have entered an oversold territory but mind you, market never obliges such condition when it’s in a strong downtrend. Traders are advised to stay light as we expect the volatility to remain on the higher side.

 

01 Dec 2021, 12:03:33 PM IST

Consumer durable firms' revenue to jump 20% this fiscal: Crisil

India's consumer durables manufacturers will likely clock a revenue growth of 20% this fiscal, after a flattish run last financial year, driven by electrical appliances makers who are expected to report a revenue growth twice as fast as that of white goods makers.

Electrical appliances makers account for 35% of the sector's revenue, while white goods manufacturers make up for 65%.

01 Dec 2021, 11:52:55 AM IST

LPG price rise: Commercial cylinder hiked by ₹100

The price of liquefied petroleum gas (LPG) cylinders for commercial usage was today hiked again. The price of the 19-kg commercial cylinder has been increased by 100 per cylinder. This is a second hike after the price was increased on November 1.
Check latest rates.

01 Dec 2021, 11:40:53 AM IST

Weddings drive hotel demand in November-December: EaseMyTrip

Online travel company EaseMyTrip.com has seen a surge in demand for hotel rooms for destination and large-scale weddings. The company said it has witnessed a 100% jump in wedding-related travel bookings in the 14 November-13 December period this year.

EaseMyTrip said pent-up demand and a significant rise in vaccination drive have helped travel demand bounce back to pre-covid levels.

01 Dec 2021, 11:31:40 AM IST

India November factory activity growth hits 10-month high: PMI Survey

India's manufacturing activity grew at the fastest pace in 10 months in November, buoyed by a strong pick-up in demand, a private survey showed. Increasing from 55.9 in October to 57.6 in November, the seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) signalled the strongest improvement in the health of the sector for ten months.

01 Dec 2021, 11:21:44 AM IST

India GDP: normalizes but can see some headwinds - Indranil Pan – Chief Economist, YES Bank

· India’s Q2 FY22 Real GDP printed at 8.4% YoY and GVA at 8.5% YoY, albeit supported by low base of last year.

· In absolute terms, India’s Q2 FY22 GDP is at INR 35.7 tn, which is higher by INR 119 bn from Q2 FY20, a pre-COVID year. However, this recovery is far from complete as private final consumption expenditure growth lags.

· One element on the expenditure side that was stark was the sharp increase in “valuables" – commodities that act as a store of value. This possibly indicates that the pains of the informal sector is masked by the GDP numbers.

· Uncertainty on the new virus variants, normalizing global growth and domestic inequalities are likely to remain headwinds for a sustained growth momentum. That said, we revise up our FY22 GDP and GVA growth projections to 9.3% and 8.9% respectively but expect no change in the RBI’s reaction function.

01 Dec 2021, 11:08:14 AM IST

Reliance, HDFC pushes Sensex up

Sensex index contribution.
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Sensex index contribution.
01 Dec 2021, 10:53:55 AM IST

Rupee surges 23 paise to 74.90 against US dollar in early trade

01 Dec 2021, 10:43:40 AM IST

Indian fertiliser stocks surge on subsidies doubling plan report

Indian fertiliser stocks jumped on Wednesday after a Reuters report the government plans to increase fertiliser subsidies to a record of more than 1.55 trillion rupees ($20.67 billion) in 2021-2022 to avoid shortages amid a sharp rise in global prices.

India, the top urea importer, has already raised fertiliser subsidies twice in this fiscal year ending March 31, and the new figure is almost double the amount initially budgeted.

Global fertiliser prices have almost trebled over the past year due to record increases in the prices of coal and natural gas, the two main energy sources used to produce the crop nutrients, and new export restrictions by China and Russia.

01 Dec 2021, 10:33:13 AM IST

Traders are grappling with a whole new world of bond volatility

Bond volatility is accelerating as Covid-19 and inflation fears play havoc with the policy outlook.

Federal Reserve Chair Jerome Powell set off further turbulence Tuesday by suggesting stubbornly high inflation warranted increasing the pace of policy tightening, adding potential upward pressure to bond yields. At the same time, fears over omicron’s resistance to existing vaccines had pushed benchmark 10-year yields to a two-month low this week.

The whipsaw trading in bonds is threatening to compound the nervousness that has spread across financial markets as the recovery from the pandemic threatens to go off the rails. The higher the debt-market volatility gets, the greater the prospect it will filter through to spook stocks, which are still not far from record highs despite this week’s declines.

01 Dec 2021, 10:25:58 AM IST

Why MF houses are assigning higher risk to liquid funds than longer duration categories

It's a general perception that liquid funds carry the lowest level of credit and interest rate risk. However, various mutual fund houses have been placing liquid funds in the moderate risk category in the potential risk class (PRC) matrix even as they place longer duration funds in the low-risk category in the PRC.

Here's why.

01 Dec 2021, 10:16:43 AM IST

Top gainers/losers at this hour

Nifty
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Nifty
01 Dec 2021, 10:05:34 AM IST

Markets opening view: -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

While the index has opened with a gap, traders should not be hasty to jump on the long side. The markets have stiff resistance levels on the upside. On the contrary short positions can be strategically timed with strict stops. Since the market has opened with a gap, the risk-reward ratio would be favorable. If the Nifty does not hold 16900, we could drop to 16500.

01 Dec 2021, 09:55:45 AM IST

Most sectoral indices in the green

Source: NSE
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Source: NSE
01 Dec 2021, 09:50:10 AM IST

26 of 30 Sensex stocks in green

BSE
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BSE
01 Dec 2021, 09:41:09 AM IST

Anand Rathi IPO: GMP jumps ahead of opening date. Should you subscribe?

Anand Rathi IPO (Initial Public Offering) will open for subscription on 2nd December 2021 and it will remain open for bidding till 4th December 2021. India's leading non-banking wealth solutions firm plans to raise 660 crore from its public issue and it has fixed price band of the issue at 530 to 550 per equity share. Ahead of subscription opening date, grey market has started to give positive signal in regard to Anand Rathi IPO. As per the market observers, shares of Anand Rathi Wealth are available at a premium of 125 in the grey market today.

01 Dec 2021, 09:32:13 AM IST

Reliance Jio new prepaid plans start today

Reliance Jio new prepaid tariff plans start today, and if you wonder it would be any different from Bharati Airtel or Vodafone Idea pepaid packs then you must read this story. The Mukesh Ambani-owned telecom company has decided to increase the prepaid plans rate starting December 1, 2021. It came after two of its competitors, Airtel and Vodafone Idea did so to generate more revenue. The entire prepaid rates have been revised by nearly 20 per cent.
See new rates, validity

01 Dec 2021, 09:18:49 AM IST

Nifty opens above 17,100-mark

Source: NSE
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Source: NSE
01 Dec 2021, 09:17:52 AM IST

Sensex surges 600 points

Source: BSE
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Source: BSE
01 Dec 2021, 09:12:57 AM IST

Punjab National Bank (PNB) cuts interest rates on savings accounts

The Punjab National Bank (PNB) has reduced the interest rate on its savings account for balances below 10 lakh to 2.80% per annum. The bank has also reduced the interest rates on savings account for balances above Rs10 lakh to 2.85%. The public sector bank has reduced the savings rate by 10 bps and 5bps on accounts having less than 10 lakh and more than 10 lakh respectively.

The revised domestic and NRI savings account interest is applicable from today, 1 December 2021, to both existing and new customers.

01 Dec 2021, 09:03:00 AM IST

Market at pre-open

BSE
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BSE
01 Dec 2021, 09:02:13 AM IST

Nifty at pre-open

Nifty50
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Nifty50
01 Dec 2021, 09:00:04 AM IST

Asia stocks, U.S. futures climb; bond yields rise

Most Asian stocks rose Wednesday along with U.S. equity futures as traders weighed the Federal Reserve’s signal of stepped up efforts to fight inflation risks and official optimism about China’s outlook.

MSCI Inc.’s Asia-Pacific share index rose about 1%, with Hong Kong among the gainers. China’s Vice Premier Liu He said he’s fully confident about the Chinese economy next year, pledging enhanced support for businesses.

S&P 500 and Nasdaq 100 futures pushed higher, indicating some stabilization after U.S. stocks slumped overnight and measures of equity volatility jumped.

01 Dec 2021, 08:55:02 AM IST

Petrol, diesel prices today

The petrol and diesel prices remain unchanged for about a month on Wednesday across the nations including major cities like Delhi, Mumbai, Kolkata and Chennai.

As of today, i.e. 1 December, the price of petrol in Delhi stands at 103.97 per litre while that of diesel is at 86.67 per litre. In Mumbai, cost of one litre of petrol is 109.98 per litre and diesel rates stand at 94.14 per litre.

Check here.

01 Dec 2021, 08:47:52 AM IST

Rakesh Jhunjhunwala portfolio: Experts recommend buy on this Tata stock

Rakesh Jhunjhunwala portfolio: After climbing to its 52-week high of 536.70 levels, Tata Motors share prices have been under profit-booking pressure. The Rakesh Jhunjhunwala stock witnessed further correction after giving breakdown at 500 per share levels. According to stock market experts, this happened due to the weak Q2 results of the auto major. However, they said that Tata Motors is a quality stock and weak year-on-year result is mainly due to the recent Covid-19 lockdown and restrictions imposed across nation. They said that the stock is again available at discounted price and one should add the stock for long term.

01 Dec 2021, 08:36:16 AM IST

GDP expands 8.4% in Jul-Sep quarter

The Indian economy expanded 8.4% in the September quarter, surpassing its pre-pandemic size, as vaccination picked up pace and services activity returned to normal after the disruptions caused by the devastating second wave of the pandemic in the June quarter.

In the first six months of the fiscal year, gross domestic product (GDP) growth averaged 13.7%, aided by a favourable base. As a result, most economists now expect growth to be around 9-10% in FY22.

01 Dec 2021, 08:27:16 AM IST

Day trading guide for Wednesday

6 stocks to buy or sell today — 1st December

01 Dec 2021, 08:17:09 AM IST

Auto companies are likely to be in focus as they will release November sales data

01 Dec 2021, 08:08:02 AM IST

Tega Industries IPO to open for subscription today

Tega Industries IPO (Initial Public Offering) is opening for subscription today and it will remain open for bidding till 3rd December 2021. From this book build issue, company aims to raise 619.23 crore. The public issue is 100 per cent OFS (Offer for Sale) in nature. As expected, ahead of subscription opening, shares of Tega Industries have become available for trade. As per the market observers, Tega Industries shares are trading at a premium of 385 in the grey market today.

01 Dec 2021, 07:59:16 AM IST

Stocks to Watch: Maruti, Future Retail, Coal India, NTPC

Here is the list of the top 10 stocks that are likely to be in focus on Wednesday.

01 Dec 2021, 07:51:13 AM IST

SGX Nifty gains points in early deals

SGX Nifty futures traded at 17,111.50 in early deals, up 48 points or 0.28%, indicating a positive start for Indian benchmarks in Wednesday's trade.

01 Dec 2021, 07:46:17 AM IST

Hong Kong stocks open with gains

Hong Kong shares opened slightly higher on Wednesday morning after three days of losses as investors assess hawkish signals on monetary policy from Federal Reserve boss Jerome Powell and warnings about the ability of current vaccines to fight Omicron.

The Hang Seng Index edged up 0.51 percent, or 120.31 points, to 23,595.57.

The Shanghai Composite Index dipped 0.06 percent, or 2.00 points, to 3,561.89, while the Shenzhen Composite Index on China's second exchange eased 0.05 percent, or 1.27 points, to 2,517.99.

01 Dec 2021, 07:39:08 AM IST

Tuesday: Global markets down, oil slumps on Omicron vaccine warning

World stocks and oil prices slid Tuesday after Moderna warned current vaccines might be less effective at fending off the Omicron variant, and eurozone inflation spiked to a record high.

Frankfurt, London and Paris followed Asia in closing sharply lower, with sentiment dogged by fears of fresh economic fallout from the long-running Covid crisis.

Wall Street saw a significant sell off after Federal Reserve Chair Jerome Powell warned inflation could remain high for longer than expected, and he now advocates accelerating the drawback of its stimulus measures.

01 Dec 2021, 07:30:50 AM IST

Asian stocks mixed on Wednesday

Asian stocks were mixed Wednesday as traders weighed Federal Reserve Chair Jerome Powell’s comments that officials should consider a faster removal of monetary stimulus amid high inflation.

Shares slipped Japan and Australia and rose in South Korea, while U.S. equity futures pared earlier gains. The S&P 500 slumped almost 2% overnight and measures of equity volatility jumped on the prospect of tightening policy.

The U.S. 10-year Treasury yield edged up while remaining below 1.50%. The gap between yields on 5-year and 30-year Treasuries shrunk in the U.S. session and remained around the narrowest since March last year.

Powell said the next Fed meeting should discuss whether to wrap up bond purchases a few months earlier and retired the word “transitory" to describe high inflation. That could open the door to earlier interest-rate hikes. Money markets show close to 60 basis points of increases priced in by end-2022.

Stocks

S&P 500 futures rose 0.2% as of 9:26 a.m. in Tokyo. The S&P 500 fell 1.9%

Nasdaq 100 futures rose 0.2%. The Nasdaq 100 fell 1.6%

Japan’s Topix index fell 0.1%

Australia’s S&P/ASX 200 Index fell 0.8%

South Korea’s Kospi index rose 0.7%

Hang Seng Index futures fell 0.1%

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