By Malvika Gurung
Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.17% or 29 points lower at 8:32 am on Friday, indicating a lower opening on Dalal Street, tracking weak global cues as markets await the US non-farm payrolls report later in the day.
Major indices on Wall Street declined on Thursday amid concerns of the Fed’s aggressive monetary tightening leading to a likely recession loomed as investors awaited the monthly nonfarm payrolls numbers due on Friday.
Chicago Fed President Charles Evans said that the central bank’s policymakers would likely hike rates by 125 bps before the year-end in its battle to tame the soaring inflation.
Stocks across Asian markets traded mostly lower on Friday, tracking overnight falls on Wall Street amid recession risks and key US economic data.
At 8:33 am, Japan’s Nikkei declined 0.6%, South Korea’s KOSPI gained 0.12%, Hong Kong’s Hang Seng tanked 1.03% and Australia's ASX 200 fell 0.61%, while the Chinese market remained closed on account of National Day.
The US dollar and Treasury yields remained high ahead of a crucial U.S. jobs report due on Friday, which will likely guide the Fed’s monetary decision in Nov.
Oil slipped on Friday ahead of more economic cues due in the day but headed for strong weekly gains after OPEC+ announced its biggest supply cut since the 2020 COVID pandemic.
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