SGX Nifty Dips Amid Pressure in Asian and US Trade Ahead of FOMC Minutes

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SGX Nifty Dips Amid Pressure in Asian and US Trade Ahead of FOMC Minutes

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.41% or 75 points lower at 8:15 am on Wednesday, tracking weak global cues and indicating a lower opening on Dalal Street. 

Further, the Dow Jones Futures and Nasdaq 100 Futures traded flat with positive biases.

Major US indices tanked on Tuesday due to a lack of decision over the debt ceiling negotiations, as the deadline for avoiding default and raising the government’s borrowing limit inched closer.

This pushed the one-month Treasury yields to record peaks in the session at 5.88%. Investors will closely assess the minutes of the FOMC meeting conducted on May 2-3 today, to check for the US Fed’s next move on the interest rate hike.

Nasdaq Composite tumbled 1.26%, Dow Jones fell 0.69% and S&P 500 tanked 1.12%.

Asian shares declined sharply on Wednesday, tracking a fall in Wall Street’s overnight session as traders reacted to a lack of progress around the US debt ceiling negotiations in Washington.

At 8:18 am, South Korea’s KOSPI dropped 0.13%, Japan’s Nikkei shed 1.1%, Hong Kong’s Hang Seng index eroded 1.22%, China’s Shanghai Composite fell 0.85% and Australia’s ASX 200 declined 0.51%.

Oil prices jumped on Wednesday as the American Petroleum Institute (API) data signalled a sharp drop in U.S. inventories, indicating tighter supplies, although concerns over slowing economic growth and a U.S. debt default continued to persist, an report noted.

Brent crude surged 1% to $77.6/barrel and WTI Futures jumped 1.15% to $73.75 a barrel while writing. Natural Gas Futures slipped 0.32%.

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