US stocks flat after Fed Chair Kevin Warsh’s inflation comments. Iran urges against US sanctions. Oil prices rise. FIIs sell 5,039.80 crore in Indian …
1/5Us market: US stocks opened largely flat on Friday, August 28, as investors assessed Federal Reserve Chair Kevin Warsh’s comments at the central bank’s annual Jackson Hole symposium, where he flagged concerns over persistent inflation and offered little reassurance that underlying price pressures had eased.
2/5US economic data: US economic data due on Tuesday, September 1, includes the US Manufacturing PMI for August at 9:45 AM, with the previous reading at 53.9. At 10:00 AM, the ISM Report on Business Manufacturing PMI for August is scheduled, with the previous reading at 55.6. Construction spending data for July is also due at 10:00 AM, with the previous reading showing a 0.1% decline. The Job Openings and Labor Turnover Survey is also scheduled for release.
3/5US Iran war: Iran’s Foreign Ministry on Friday called on “all countries” not to implement U.S. sanctions against Tehran, warning that doing so would represent “complicity” in imposing the “illegal will” of the United States.
4/5Oil price: Oil prices rose on August 28 as diplomatic efforts to secure an agreement over the Strait of Hormuz ran into fresh obstacles, raising doubts over whether energy flows through one of the world’s most important corridors could sustainably increase.
5/5FIIs sell: Foreign Institutional Investors (FIIs) remained net sellers in Indian equities, offloading ₹5,039.80 crore during Friday’s trading session, according to provisional data. Domestic Institutional Investors (DIIs), meanwhile, continued to provide support to the market, emerging as net buyers of ₹5,183.93 crore in equities. The contrasting fund flows showed sustained selling pressure from foreign investors, while domestic institutions maintained their buying activity. On a provisional basis, DIIs’ purchases exceeded FII selling by ₹144.13 crore during the session.
