SGX Nifty Jumps on Strong Global Indices Post First Republic Rescue Plans
By Malvika Gurung
Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.74% or 127 points higher at 8:54 am on Friay, indicating a positive opening on Dalal Street.
Further, the Dow Jones Futures and Nasdaq 100 Futures traded flat.
Major indices in the US rallied on Thursday, led by a strong uptick in financial stocks as financial banking heavyweights like JP Morgan Chase (NYSE: JPM ) and Morgan Stanley (NYSE: MS ) stepped in to rescue First Republic Bank (NYSE: FRC ) by depositing up to $30 billion to stabilize the lender.
Shares of the two banks jumped 2%, while those of the embattled First Republic Bank zoomed 10%.
Nasdaq Composite soared 2.5%, Dow Jones rallied 1.17% and S&P 500 buoyed 1.76%.
Asian stocks jumped sharply on Friday, following a risk rally in the overnight Wall Street session, giving a breather to the brewing banking crisis. The European Central Bank (ECB) delivered a 50 bps rate hike amid the ongoing Credit Credit Suisse (SIX: CSGN ) turmoil.
At 8:48 am, Japan’s Nikkei 225 and South Korea’s KOSPI gained 0.7% each, China’s Shanghai Composite rallied 1.44%, Hong Kong’s Hang Seng jumped 1.7%, and Australia's ASX 200 climbed 0.3%.
Oil prices surged on Friday, following prospects of supportive measures taken by the OPEC+ despite fears of an economic slowdown stemming from a banking crisis capped gains.
Brent crude jumped 1.1% to $75.52/barrel and WTI Futures buoyed 1.2% to $69.2/barrel. Natural Gas Futures declined 0.55%.
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good, hopefully bulls comeLike 0
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