Nifty Opening Cues: Asian Shares Rise Amid Positive Speculations, Oil Climbs

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Nifty Opening Cues: Asian Shares Rise Amid Positive Speculations, Oil Climbs

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was trading 0.15% or 22 points higher at 8:34 am on Tuesday, indicating a muted-to-positive opening on Dalal Street.

Further, the Dow Jones Futures gained 0.22% and Nasdaq 100 Futures climbed 0.36%. Back home, investors wait for the Apr-Jun 2022 earnings, all set to begin from July 8. The US market remained closed on Monday, on account of Independence Day.

Stocks across Asian markets began the session with gains on Tuesday amid speculations that the U.S. might announce a rollback of some U.S. tariffs on Chinese consumer goods put in place by former president Donald Trump in the week ahead. 

Investors are also closely awaiting the Australian central bank’s interest rate hike decision. Meanwhile, South Korea reported the fastest pace of inflation since the Asian financial crisis, hitting a 24-year high in June, instilling expectations of the central bank adopting a 50 basis point rate hike for the first time next week, to put a check on the soaring prices and curb capital outflows.

At 8:23 am, South Korea’s KOSPI jumped 1.44%, Japan’s Nikkei 225 gained 0.82%, Hong Kong’s Hang Seng index climbed 0.6%, China’s Shanghai Composite dropped 0.23%, and Australia's ASX 200 rose 0.21%.

Oil prices inched higher on Tuesday as a strike in Norway is expected to disrupt the output of oil and gas, fuelling fears of tight supply. Brent crude climbed to $113.56/barrel, while WTI Futures jumped 1.7% to $110.3/barrel at the time of writing. Natural gas futures surged 3.34%.

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