Indian shares look set to open lower on Friday, mirroring weak cues from other Asian as the Federal Reserve maintained its gradual tightening path and the Italian government insisted it would stick with its plan to rapidly increase public spending.
Benchmark indexes in Australia, China, Hong Kong and Japan are down between half percent and 2 percent.
Gold edged down and the dollar rose against its major peers as the Fed left rates unchanged but signaled further gradual increases in rates despite signs of a slowdown in the pace of growth in investment.
Oil markets remained weak on concerns over rising supply. U.S. crude oil futures held flat in Asian trade after falling as much as 1.6 percent on Thursday to extend losses to a ninth straight session on concerns over rising inventories and economic uncertainty.
With Thursday's decline, crude oil futures have shed as much as 21 percent from early October levels.
Meanwhile, in a report titled 'Global Macro Outlook 2019-20', Moody's Investors Service cautioned that India's GDP growth will slow down to 7.3 percent next year, reflecting higher borrowing cost due to rising interest rates.
Telecom stocks might come under heavy selling pressure today after Moody's Investors Service put Bharti Airtel on a ratings downgrade watch, citing fears of more cashflow trouble and profitability.
Overnight, the Dow Jones Industrial Average inched up marginally, while the S&P 500 slid 0.3 percent and the Nasdaq Composite shed half a percent.
European markets also ended mixed on Thursday after the European Union warned of slowing growth across the single currency bloc.
The pan-European Stoxx Europe 600 index gained 0.2 percent. The German DAX dropped half a percent and France's CAC 40 index slipped 0.1 percent while the U.K.'s FTSE 100 rose 0.3 percent.
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