Market Sentiment Remains Weak Despite Oil Price Dip

Global market sentiment remained weak on Friday despite a decline in global crude oil prices. The recent hike by the Bank of Japan, which lifted rates to a 31-year high, also contributed to the market's uncertainty.

The CME FedWatch tool showed a 55.4% likelihood of a quarter percentage rate hike by the Federal Reserve in the October FOMC meeting. This development was met with caution on Wall Street, where futures were trading below the flatline after a strong surge on Thursday.

Major benchmarks in Europe traded deep in the red, while Asian markets had finished trading on a mostly positive note. The six-currency Dollar Index rallied more than a quarter percent, and both crude oil price benchmarks declined.