SGX Nifty Futures Post Grim US Banks’ Earnings, Fed’s Dovish Remarks & More

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SGX Nifty Futures Post Grim US Banks’ Earnings, Fed’s Dovish Remarks & More
Credit: © Reuters.

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was trading 0.15% or 24.25 points higher at 8:49 am on Thursday, tracking mixed global cues and indicating a muted-to-positive opening on Dalal Street. 

Further, the Dow Jones Futures climbed 0.2% and Nasdaq 100 Futures rose 0.3%.

Major indices on Wall Street ended Thursday on a muted note towards the lower side, after paring early losses amid grim quarterly earnings results from the two banking giants JPMorgan Chase (NYSE: JPM ) and Morgan Stanley (NYSE: MS ), which reported declining profits and warned of an economic slowdown, as investors were already left shook after a higher-than-estimated June CPI inflation print.

However, the sell-offs eased with advancing microchip stocks and after Fed Gov Christopher Waller said that he supported a 75 bps rate hike in July, instead of a 100 bps one.

Nasdaq Composite closed flat, Dow Jones declined 0.46% and S&P 500 retreated 0.3%.

Stocks across Asian markets traded mixed on Friday ahead of China’s GDP and retail sales and tracking disappointing results from the two US banking giants. However, dovish remarks from two Fed policymakers eased investor sentiments.

At 8:42 am, South Korea’s KOSPI traded flat, Japan’s Nikkei 225 climbed 0.6%, Hong Kong’s Hang Seng index tumbled 0.94%, China’s Shanghai Composite slipped 0.14%, and Australia's ASX 200 declined 0.84%.

Oil rose on Friday amid uncertainty around the Fed’s aggressive rate hike to tame the scorching inflation. Brent crude climbed 1.02% to $100.11/barrel while WTI Futures traded at $96.4/barrel. Natural gas futures climbed 0.2%.

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