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SGX Nifty Dips: Street’s Opening Ahead of US CPI Data & Global Cues

Published 10-11-2022, 08:54 am
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By Malvika Gurung

Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50, traded 0.41% or 74.5 points higher at 8:39 am on Thursday, indicating a negative opening on Dalal Street.

Further, the Dow Jones Futures gained 0.14% and Nasdaq 100 Futures rose 0.35%. 

Major indices on Wall Street snapped a three-day rally, closing lower on Wednesday as Republicans inched closer to the win in midterm elections, while investors awaited the US inflation data for October, which will hint about the intensity of the Fed’s future rate hike.

The entertainment heavyweight Walt Disney (NYSE:DIS) crashed 13%, marking its steepest single-day fall since 2001. Tesla (NASDAQ:TSLA) tumbled to a 2-year low of 7.2% after CEO Elon Musk disclosed selling shares worth $3.95 billion after closing the Twitter deal.

Nasdaq Composite plunged 2.48%, S&P 500 tanked 2.08% and Dow Jones declined 1.95%.

Stocks across Asian markets declined on Thursday ahead of the US CPI data, while mounting concerns in the crypto sector added pressures. The US dollar rose ahead of the inflation print due later in the day.

At 8:38 am, South Korea’s KOSPI declined 0.6%, Japan’s Nikkei 225 fell 1.17%, Hong Kong’s Hang Seng tumbled 1.62%, China’s Shanghai Composite dipped 0.13% and Australia's ASX 200 slipped 0.33%.

Oil prices slid for the 4th straight session on Thursday after data showed U.S. crude oil inventories grew thrice as much as expected last, along with slowing economic growth in China, and rising concerns of a demand curtail. 

Brent crude and WTI Futures traded muted at the time of writing, while Natural Gas Futures declined 0.35%.

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