Oil Spike, Wobbly Rupee Take Sheen Off India Earnings Story
Costly oil will pressure the rupee and push up inflation, Macquarie warns.
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Good morning...
I’m Alex Gabriel Simon, an equities reporter in Mumbai, here with a quick mood check as markets reopen after a public holiday in a world that looks unsettled. The Middle East conflict has intensified, and local markets now have to catch up to a selloff across global assets.
Asian stocks slumped more than 3%, as selling in Korean and Taiwanese shares quickened. In normal circumstances, that might have steered flows toward Indian equities. But with global energy prices surging — Brent is trading near $82 a barrel — local stocks are likely to remain under pressure.