Factors Affecting Nifty’s Opening Today: Fed Minutes, Asian Markets Trade Mixed

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Factors Affecting Nifty’s Opening Today: Fed Minutes, Asian Markets Trade Mixed

By Malvika Gurung

Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was trading 0.42% or 65.8 points higher at 9:02 am on Thursday, indicating a positive-to-flat opening on Dalal Street.

At the same time, the Dow Jones Futures slipped 0.06%, while Nasdaq 100 Futures declined 0.54%.

Major indices on Wall Street ended higher on Wednesday, as minutes from the Federal Reserve’s latest monetary policy meeting showed that all the policymakers felt the US economy was very strong amid the ongoing high inflationary woes.

However, most committee members believe that the Fed’s rate hike of 50 bps to tame the soaring inflation, its biggest jump in 22 years, will be needed in the near term Fed’s upcoming meetings in June and July too.

Nasdaq Composite gained 1.51%, S&P 500 climbed 0.95% and Dow Jones rose 0.6% on Wednesday. 

Stocks across the Asian markets traded mixed at the time of writing on Thursday, with gains remaining modest, as the U.S. Fed struck a less hawkish note in the minutes from its last meeting, even though Wall Street ended on a positive note in the previous session.

Further, minutes from the May meeting showed most policymakers backing half-percentage-point rate hikes in June and July too, in order to control the soaring inflation.

Moreover, the economic impact of China’s ongoing COVID-19 lockdowns also played a role in setting investors’ moods.

At 8:54 am, South Korea’s KOSPI climbed 0.4%, Japan’s Nikkei 225 traded flat, China's Shanghai Composite gained 0.35%, Hong Kong’s Hang Seng index declined 1%, and Australia's ASX 200 slid 0.45%.

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