Street Likely to Open the Week Lower: SGX Nifty Futures Drop, Asian Shares Down

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Street Likely to Open the Week Lower: SGX Nifty Futures Drop, Asian Shares Down
Credit: © Reuters.

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was trading 0.79% or 128.35 points lower at 8:55 am on Monday, indicating the new week to open on a lower note on Dalal Street. 

Further, the Dow Jones Futures declined 0.51% and Nasdaq 100 Futures fell 0.95%.

Major indices on Wall Street ended on a mixed note on Friday, following stronger-than-expected US jobs report that led Treasury yields to jump, while investors tried to comprehend its influence on the Federal Reserve’s commentary and plan to dramatically move towards an increased interest rate hike to tame the soaring inflation.

Nasdaq Composite gained 0.12%, Dow Jones dropped 0.15% and S&P 500 rose 0.08%, while in the past week the three indices gained 4.5%, 0.8% and 1.9%, respectively.

Stocks across Asian markets opened lower on Monday, tracking a tepid session on Wall Street on Friday, while investors await a U.S. inflation report that could push another large rate hike and the onset of an under-pressure earnings season. Further, concerns are also rising around a fresh Covid flare-up in China.

At 8:50 am, South Korea’s KOSPI lowered 0.17%, Japan’s Nikkei jumped 1.02%, Hong Kong’s Hang Seng index plunged 2.9%, China’s Shanghai Composite fell 1.6%, and Australia's ASX 200 declined 0.76%.

Oil wobbled on Friday, with both Brent crude and WTI Futures slipping up to 1% each at the time of writing, as investors remained worried over tight global supplies and concerns of recession or Covid-19 restrictions in China curtailing demand. Natural gas futures jumped 4.71%.

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