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Opening Bell: Will mkt continue to be volatile today?

With the mkt shredding close to two percent over the last week after registering all-time highs, will it continue with the volatility in today's trading session too?

November 11, 2013 / 08:56 AM IST

The US markets saw record closing for the Dow Jones. The S&P also bounced back after a terrible week to close in the green due to the US jobs report which had investors considering whether the economy was strong enough to handle tapering. Despite the government shutdown, job creation surged in October. The economy created 2,04,000 jobs in the month roaring past expectations of 1,20,000 new jobs. The jobless rate though rose to 7.3 percent from a five-year low of 7.2 percent last month.


Europe though did not share in the enthusiasm. It closed flat to lower after that better-than-expected figure for nonfarm payrolls was released in the US, fueling investor speculation about the tapering of the Federal Reserve's stimulus measures.


In Asia, index heavyweight Softbank rose 2 percent while automakers Toyota and Honda motor jumped over 1 percent each. Data out on early Monday showed Japan's current account surplus unexpectedly rose an annual 14.3 percent in September.


In India, markets last week shed around 530 points or 2.50 percent to close the week below the 21,000 mark at 20,666.15. The Nifty fell 2.64 percent or 166.45 points to settle at 6,140.75. On the earnings front, Apollo Tyres and Britannia will announce their earnings on Monday.


In the currency space, the US dollar holds near two-month highs having staged a broad rally after the upbeat jobs data and the euro dollar holds near 1.33.

Close

In commodities, Brent trades at USD 105/bbl and Nymex futures trade firmer in early Asian trade after meetings between Iran and six western nations failed to reach a deal on Tehran's nuclear program.

From precious metals space, gold prices ease to trade near three-week lows after an unexpectedly strong US jobs report reignited fears the Federal Reserve could begin scaling back its support for the economy soon.

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