(RTTNews) - Indian markets remain shut on Tuesday on account of Muharram.
Benchmark indexes Sensex and the Nifty rose around half a percent on Monday to extend gains for the second day running, as weak economic data from the U.S. and China raised hopes of further stimulus from global central banks.
The rupee gave up early gains to end almost flat at 71.71 against the U.S. dollar as oil prices rose in anticipation that new Saudi energy minister, Prince Abdulaziz bin Salman, would push for production cuts.
Asian markets remain muted this morning as investors waited to take cues from central bank meetings.
The European Central Bank (ECB) will announce its interest-rate decision on Thursday, with economists expecting a stimulus package that includes a rate cut to boost growth amid the ongoing U.S.-Sino trade war.
Analysts, however, remain divided over whether the ECB will opt for a massive extension of bond purchases known as quantitative easing.
The Federal Reserve will continue to act "as appropriate" to sustain the U.S. economic expansion, Fed Chair Jerome Powell said Friday in Zurich, bolstering expectations for a rate cut at the Fed's meeting on Sept. 18.
Gold prices hovered near a four-week low in Asian trading, while oil prices rose on expectations that OPEC and other countries may agree to extend production cuts ahead of a meeting in Abu Dhabi this week.
Overnight, U.S. stocks ended narrowly mixed as investors looked ahead to central bank meetings.
While the Dow Jones Industrial Average inched up 0.1 percent to reach its best closing level in over a month, the tech-heavy Nasdaq slid 0.2 percent and the S&P 500 edged down marginally.
European markets ended Monday's session mostly lower after the release of weak Chinese data and ahead of Thursday's ECB meeting.
The pan European Stoxx 600 gave up 0.3 percent. The German DAX rose 0.3 percent after a surprise rise in German exports, while France's CAC 40 index eased 0.3 percent and the U.K.'s FTSE 100 declined 0.6 percent.
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