New-Week Opening Cues: SGX Nifty Up, China Reopens, Hang Seng Roars, Oil Rises

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New-Week Opening Cues: SGX Nifty Up, China Reopens, Hang Seng Roars, Oil Rises
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.15% or 28.5 points higher at 8:40 am on Monday, indicating a muted-to-positive opening on Dalal Street.

Further, the Dow Jones Futures traded flat, while Nasdaq 100 Futures slipped 0.17%.

Major indices on Wall Street ended mixed on Friday as the November payrolls report instilled expectations that the US Fed would stick to its rate hike path to combat the high inflation.

Nonfarm payrolls climbed more than anticipated by 263,000, while wage growth ran higher despite recessionary pressures ahead.

Nasdaq Composite lowered 0.18%, S&P 500 lowered 0.12% and Dow Jones climbed 0.1%.

Stocks across Asian markets traded mostly higher on Monday amid investor expectations that China’s steps towards toning down the pandemic restrictions would fuel the global growth outlook and commodity demand.

At 8:40 am, South Korea’s Kospi declined 0.46%, Japan’s Nikkei gained 0.11%, Hong Kong’s Hang Seng rallied 3.61%, China’s Shanghai Composite jumped 1.43% and Australia's ASX 200 surged 0.6%.

Oil prices rose sharply on Monday, thanks to relaxations of strict Covid measures in China, while the OPEC kept production steady at its latest meeting. 

Brent crude jumped 1.16% to $86.56/barrel, while WTI Futures surged to $80.92/barrel. Natural Gas Futures plunged 5.45%.

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