The Rupee closed weaker as it dropped to its weakest level in nearly a month on Wednesday after U.S. President Donald Trump ?said the interim accord with Iran to end the war was "over," sending oil prices ?soaring and hurting Asian currencies. Oil prices jumped ?about 6% on Wednesday, hitting a two-week high after U.S. President Donald Trump said ?the memorandum of understanding ending the conflict with Iran was "over", renewing fears of disruptions ?to Middle East oil supplies. Indian stocks fell 2%, their steepest drop in over three months, and the yield on the 10-year bond rose 8 basis points. U.S. stock index futures slid sharply ?on Wednesday, ?with Nasdaq futures touching a four-week low while ?the yield on the 10-year U.S. Treasury note rose to a peak of 4.585%, its highest in over ?one month. The pound held steady on Wednesday as U.S. President Donald Trump said that an interim agreement to end the war with ?Iran was "over" after Tehran carried out new attacks on U.S. bases in ?the Gulf. Brent crude futures jumped after Trump's comments, made before a NATO summit in Turkey, and were last up 5.61% to $78.36 a barrel. Sterling was largely flat at $1.3351, having hit its highest ?level since June 17 against the greenback on Tuesday. Against the euro, the ?pound was a touch weaker on the day at 85.47 pence. That left ?sterling just shy of recent 13-month highs against the euro. Markets are especially wary of what a new government could mean for Britain's stretched finances and are waiting to ?see who the ?next finance minister ?will be. Online betting platform Polymarket was last indicating a 51% chance of left-leaning former energy minister Ed Miliband ?taking on the role.......
The US dollar weakened sharply against other major currencies after data showed that the US economy suffered a record contraction in Apr-Jun, while jobless claims rose in the week ended Saturday also rose.The US unit also extended its decline globally on Thursday after Trump raised the possibility of delaying presidential election in the US, scheduled for November.European Stocks ended lower on Thursday due to mounting concern over sluggish economic recovery and a possible second wave of the COVID-19 pandemic.Germany reported its worst decline in GDP since 1970, with the Eurozone’s largest economy shrinking 10.1% quarter-on-quarter in Apr-Jun.Corporate earnings were high on investors' agenda on Thursday.In the US, Most share indices ended lower on Wednesday following bleak economic data.Lack of progress in talks between Congressional Democrats, Republicans and the White House on a new coronavirus aid package also weighed on sentiment.Gold futures settled lower on Thursday after nine consecutive days of gains, with the bullion retreating from a record rally as traders booked some profit.......