By Malvika Gurung
Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was trading 1.82% or 295.2 points lower at 8:25 am on Thursday, tracking negative cues from global markets, and indicating a gap-down opening on Dalal Street.
Major indices on Wall Street ended sharply lower on Wednesday, led by retail stock Target’s market valuation slashing about 25% while growing concerns of rising inflation and an imminent aggressive monetary tightening by central banks globally kept investors in a fix.
Target’s shares plummeted nearly 25%, paring an m-cap of about $25 billion, as ‘retailer became the latest victim of surging prices’, stated sources.
Nasdaq Composite tanked 4.73% and has fallen nearly 27% YTD, while S&P 500 plunged 4.04%, having crashed 18% YTD, and Dow Jones declined 3.57% on Wednesday.
Further, Britain’s annual inflation rate soared to a 40-year high in April 2022, led by skyrocketing energy costs, indicating that BoE would have to keep raising interest rates.
Stocks across Asian markets started lower on Thursday, following an overnight sell-off on Wall Street, as investors worried about inflationary pressures, China's ongoing COVID-19 lockdowns and the persisting Russia-Ukraine war, while the dollar held onto its strong gains.
At 8:22 am, South Korea’s KOSPI fell 1.59%, Japan’s Nikkei 225 plummeted 2.5%, China's Shanghai Composite declined 0.48%, Hong Kong’s Hang Seng index plunged 2.85%, and Australia's ASX 200 dived 1.44%.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.