Globally, Oil prices were little changed in early trade on Friday but headed for their first weekly gain in five weeks, after the possibility that OPEC+ may agree to cut crude output when it meets on Oct. 5.Both Brent and WTI are on track to rise by about 3% for the week, their first weekly rise since August, after hitting nine-month lows earlier in the week. Sterling rose to a fresh one-week high on Friday, helping to push the U.S. dollar index to a one-week low, as British policymakers moved to undo some of the damage caused by last week's tax-slashing, debt-swelling fiscal plan. The euro also jumped to a one-week peak after a heated German inflation reading reinforced expectations for more aggressive policy action from the European Central Bank (ECB).Asian shares on Friday were headed for the worst month since the onset of the COVID-19 pandemic, while jitters in currency and bond markets persisted over hawkish talk from central banks, worries about global recession and rising geopolitical risk. Wall Street ended sharply lower on Thursday. The S&P 500 touched lows last seen in November 2020. Down more than 8% in September, the benchmark is on track for its worst September since 2008.A sell-off in U.S. Treasuries resumed as Fed officials gave no indication the U.S. central bank would moderate or change its plans to aggressively raise interest rates to bring down high inflation. Gold prices rose slightly on Friday as pressure from the dollar eased further, but were set for a sixth straight month of losses as rising interest rates severely dampened the outlook for the yellow metal. Bullion prices were set to lose nearly 3% in September. Spot gold prices rose 0.1% to $1,662.86 an ounce. Global index provider FTSE Russell said India will remain on the watch list for inclusion in the FTSE Emerging Markets Government Bond Index (EMGBI), dashing market hopes that FTSE would announce its entrance into the index. Rupee remained under pressure from continuous outflow and negative equity markets. Despite strong recovery in major currencies, Rupee remains on a weaker note ahead of today's RBI policy outcome.

Commodity Central - chart - 13269374