Barring Brazil (down 0.2%), major global indices closed the week on an encouraging note, posting solid weekly gains. The US stock market closed higher by 2.1% for the week. The US data released on Thursday indicated positive developments in the labour market. However, another report showed weak inflation, signaling moderate economic growth. These factors will play important role in directing Federal Reserve's decision whether to hike interest rates next week.
The UK stock markets notched up and closed higher by 1.2%. The Asian markets viz., Japan and Hong Kong were the leading gainers registering gains of approximately 3.2% and 2.7% each. The week gone by witnessed various market indices touching higher levels since July.
Back home, the week gone by was a volatile one for the Indian markets; however the benchmark indices closed higher by 1.6%. The IIP numbers were recently declared which have showed some positive signs. The country's industrial activity, (IIP) for the month of July rose by 4.2% YoY. This reported growth was above the street estimates, a welcome relief for investors.
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