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Indian shares look set to open sharply lower on Monday following a brutal sell-off for Wall Street on Friday after Fed Chair Jerome Powell made hawkish remarks in Jackson Hole, Wyoming. <\/p>\n
He declared that the “economy<\/span> does not work for anyone” without price stability and the central bank would use its tools “forcefully” that could mean slower growth, a weaker job market and “some pain” for households and businesses.<\/p>\n The Dow fell 3 percent on Friday, the S&P 500 plunged 3.4 percent and the tech-heavy Nasdaq Composite index lost 3.9 percent, as Powell reiterated the Fed’s resolve to bring inflation back to its 2 percent target, arguing that a failure to restore price stability would mean “far greater pain.”<\/p>\n U.S. equity futures slid along with Asian stocks amid weak risk sentiment. <\/p>\n The dollar hit a five-week high against the yen while gold held a decline, as bond yields ticked higher amid bets for more aggressive rate hikes in the United States and Europe. <\/p>\n Yields climbed across the U.S. and Europe, with double digit gains in Italy, Spain and Portugal. <\/p>\n Futures are now pricing in around a 60 percent chance the Fed will hike by 75 basis points at the Sept. 20-21 policy meeting. <\/p>\n Additionally, a Reuters report said the ECB could discuss a 75 basis-point hike at its September meeting.<\/p>\n Oil prices were little changed in Asian trading after rising sharply last week on speculation that OPEC+ could cut output at a meeting on Sept 5.<\/p>\n Closer home, benchmark indexes Sensex and the Nifty fell more than 1 percent each last week to snap their five-week winning streak. <\/p>\n The ongoing week is a truncated one, with stock exchanges BSE and NSE likely to remain shut on Wednesday on account of Ganesh Chaturthi.<\/p>\n Mukesh Ambani’s Reliance Industries is all set for its 45th annual general meeting today, with investors expecting a succession plan and an announcement on the listing of three key businesses. <\/p>\n Monthly auto sales data and a slew of economic data will be in focus as the week progresses. <\/p>\n<\/p>\n<\/div>\n