New Quarter Opening Cues: SGX Nifty Down, Weak Asian Cues, Oil Jumps & More

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New Quarter Opening Cues: SGX Nifty Down, Weak Asian Cues, Oil Jumps & More
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.87% or 149 points lower at 8:32 am on Monday, indicating Dalal Street to open the holiday-curtailed week and a new quarter on a negative note.

Further, the Dow Jones Futures gained 0.13% and Nasdaq 100 Futures declined 0.47%.

Major indices on Wall Street fell on Friday, logging sharp losses for the week, month and quarter. The S&P 500 index recorded its worst September in 20 years on Friday amid sky-high inflation, hiking interest rates and recession jolts. 

Nasdaq Composite and S&P 500 fell 1.51% each, while Dow Jones tanked 1.71% on Friday. The three indices tumbled 10.5%, 9.3% and 8.8%, respectively during the week.

Stocks across Asian markets declined mostly on Monday, following Wall Street’s tumultuous performance last week, as concerns of a global recession grew amid tightening monetary policy and jitters in currency and bond markets.

At 8:30 am, Japan’s Nikkei 225 gained 0.67%, South Korea’s KOSPI fell 0.71%, Hong Kong’s Hang Seng index tanked 1.08% and Australia's S&P/ASX 200 declined 0.15%. Chinese markets will be closed on Friday on account of National Day.

Oil surged on Monday following reports of the OPEC+ to consider supply cuts at an upcoming meeting in the week after plummeting 11.2% in September and logging their worst month in almost a year.

Brent crude rallied 2.77% to $87.5/barrel and WTI Futures jumped 2.82% to $81.7/barrel. Natural Gas Futures plunged 2.45%.

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