New Delhi, 24 July (H.S.): A sharp rise in international crude oil prices has negatively impacted global market sentiment, triggering widespread selling pressure across major stock markets on Friday. Most global equity markets are trading lower, with Asian markets witnessing broad-based declines amid concerns over inflation and rising energy costs.

US markets remained under pressure during the previous trading session, with major Wall Street indices closing lower due to concerns over rising inflation and a steep increase in crude oil prices. Dow Jones futures were also trading slightly lower in early activity.

The Dow Jones Industrial Average declined by 506.93 points, or 0.97 per cent, to close at 51,711.65 points. The S&P 500 index fell 90.66 points, or 1.21 per cent, ending the session at 7,408.30 points. The Nasdaq Composite witnessed a sharper decline, dropping 553.21 points, or 2.15 per cent, to settle at 25,137.69 points.

Dow Jones futures were trading marginally lower, down 0.01 per cent, at 51,704.15 points during early trading hours.

European markets also remained under pressure in the previous session. The FTSE index declined 0.73 per cent to close at 10,639.17 points. France’s CAC index dropped 138.80 points, or 1.67 per cent, ending at 8,299.09 points. Germany’s DAX index also fell 392.29 points, or 1.58 per cent, to close at 24,763.12 points.

Asian markets witnessed widespread selling pressure on Friday, with all nine major Asian markets trading in negative territory. Gift Nifty was down 167 points, or 0.70 per cent, trading at 23,695.50 points. Singapore’s Straits Times Index declined 0.41 per cent to 5,558.92 points.

South Korea’s KOSPI index came under heavy pressure, falling 404.22 points, or 5.70 per cent, to 6,692.27 points. Japan’s Nikkei index also recorded a significant decline, dropping 2,032.60 points, or 3.06 per cent, to 64,390 points.

Taiwan’s Weighted Index also witnessed sharp losses, declining 1,038.20 points, or 2.31 per cent, to 45,812.61 points.

Indonesia’s Jakarta Composite Index fell more than two per cent, declining 144.07 points, or 2.28 per cent, to 6,171.24 points. Hong Kong’s Hang Seng Index was down 311.81 points, or 1.24 per cent, at 24,899 points.

China’s Shanghai Composite Index declined 1.20 per cent to 3,830.19 points, while Thailand’s SET Composite Index slipped 0.24 per cent to 1,637.13 points.

Market analysts said the sharp movement in crude oil prices, combined with renewed inflation concerns in the United States, has increased uncertainty among investors. Rising energy costs could impact corporate earnings, consumer spending and monetary policy expectations, keeping global markets under pressure in the near term.

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Hindusthan Samachar / Jun Sarkar