US Stocks Slightly Lower With Midterms Still Undecided… European Stocks Drop as Inflation Jitters Keep Buyers Cautious
· US stocks marginally lower with midterm elections still being decided but as an expected "red wave" of Republican victories failed to materialize. Although many races were still too close to call, the emerging consensus among investors was that Congress was heading for more gridlock. Dow Jones slipped over quarter percent
· European stocks fell for the first time in four days as investors turned cautious ahead of key US inflation data that could provide further clues on the course of monetary policy tightening. UK, France and Germany Index declined half percent each.
· Oil fell 1% to below $95/bbl amid a challenging Chinese demand outlook and after an industry report pointed to rising US inventories.
· Gold steadied at $1709/ounce after jumping the most in a month as investors look to this week’s US inflation readings for hints on the precious metal’s direction.
· FIIs were net buyers Rs387cr while DIIs were net sellers Rs1060cr
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