Stocks, commodity markets shut for Ganesh Chaturthi

Stock and commodity exchanges, currency as well as bond markets in India are closed on Monday on account of Ganesh Chaturthi.Elsewhere, stocks slipped in Asia slipped in Monday morning trade as the latest round of US and China tariffs kicked into effect over the weekend.The Nikkei 225 in Japan shed 0.35 per cent in early trade, as shares of conglomerate Softbank Group dropped 1.8 per cent. The Topix index also fell 0.25 per cent.In South Korea, the Kospi declined 0.22 per cent, while Australia’s S&P/ASX 200 traded fractionally lower. The MSCI Asia ex-Japan index fell 0.11 per cent.US tariffs went into effect Sunday on $112 billion of Chinese imports, while Beijing also began imposing retaliatory tariffs on some of the US goods on its $75 billion target list.Wall Street stock futures weakened in early trade on Monday, setting a dour tone for Asian markets after tit-for-tat tariffs between the United States and China took effect, reinforcing investors’ gloomy expectations for global growth prospects.The E-mini futures for US S&P500 fell as much as 1.06 per cent in early trade and last stood down 0.68 per cent at 2,905.Oil prices fell on Monday after new tariffs imposed by the United States and China came into force, raising concerns about a further hit to global growth and demand for crude.Brent crude was down 42 cents, or 0.7 per cent, at $58.83 a barrel by 0041 GMT, while U.S. oil was down 27 cents, or 0.5 per cent, at $54.83 at barrel.

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