Dow Futures, SGX Nifty Fall: New Week Opening Cues Amid Covid Unrest in China

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Dow Futures, SGX Nifty Fall: New Week Opening Cues Amid Covid Unrest in China
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.36% or 68 points lower at 7:56 am on Monday, indicating a negative opening on Dalal Street in the new week.

Further, the Dow Jones Futures fell 0.5% and Nasdaq 100 Futures tumbled 0.8%.

Major indices on Wall Street ended on a mixed note on Friday in a subdued holiday-curtailed session. The US dollar gained as concerns emerged from China’s reaction to rising Covid-19 cases, with investors straying away from risk.

Apple’s stock declined on reports of lower iPhone shipments from the Foxconn plant in China during November amid production hitting due to the resurgence in Covid-19 cases.

Nasdaq Composite declined 0.52%, S&P 500 dipped 0.03% and Dow Jones gained 0.45%.

Stocks across Asian markets fell on Monday as major Chinese cities protested against the strict zero-Covid policy that stoked concerns about the management of the virus in China while raising prospects of more economic disruption. The Chinese yuan slumped to an over two-week low.

At 7:54 am, South Korea’s Kospi tanked 1.15%, Japan’s Nikkei fell 0.76%, Hong Kong’s Hang Seng plunged 2.9%, China’s Shanghai Composite lost 1.4% and Australia's ASX 200 slipped 0.43%.

Oil plummeted on Monday, slumping to a near 11-month low as escalating protests in China dampened the outlook for demand in the country. 

Brent crude plunged 2.3% to $81.8/barrel and WTI Futures cracked 2.33% to $74.5/barrel. Natural Gas Futures declined 0.79%.

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