Nifty’s Opening Cues Ahead of FOMC Minutes, Bucks Asian Trends & Oil Climbs

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Nifty’s Opening Cues Ahead of FOMC Minutes, Bucks Asian Trends & Oil Climbs
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was trading 0.24% or 36.5 points higher at 8:35 am on Wednesday, indicating Dalal Street to make a muted-to-positive start in the day.

Further, the Dow Jones Futures declined 0.25% and Nasdaq 100 Futures dropped 0.11%.

Major indices on Wall Street reversed an early slump and ended Tuesday on a mixed note ​​as falling bond yields boosted risk-sensitive tech stocks, while worries about an economic slowdown continued to worry the investors.

Investors will closely monitor the release of the Federal Reserve’s minutes of meeting in June, to be out on Wednesday, while the Markit  and ISM  services PMIs, along with the JOLTS job openings survey  will be awaited for signs on the economic slowdown.

Nasdaq Composite jumped 1.75%, Dow Jones dropped 0.42% and S&P 500 gained 0.16%.

Stocks across Asian markets began mostly lower on Wednesday despite Wall Street recouping most of its losses overnight, and ending on a positive note, as fears of recession loomed, weighing on investors’ sentiments.

At 8:32 am, South Korea’s KOSPI dropped 0.9%, Japan’s Nikkei 225 plunged 1.26%, Hong Kong’s Hang Seng index fell 1.62%, China’s Shanghai Composite declined 1.3%, and Australia's ASX 200 slid 0.55%.

Oil rebounded on Wednesday, after slipping under $100/barrel in the previous session for the first time since early May. Brent crude traded at $103.7/barrel and WTI Futures climbed to $99.74/barrel at the time of writing. Natural gas futures jumped 2.2%.

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