Stock Market Today: Prior to the release of the Fed’s most recent meeting’s minutes, which may provide more insight into the trajectory of future rate hikes, Indian equity benchmarks Sensex and Nifty50 are likely to start the week on a moderately positive note. Before Dalal Street’s opening bell, Singapore Exchange (SGX) Nifty futures, a leading indicator of the Nifty50 index, increased a little bit.
Brent slips below $83/bbl
On Friday, the US 10-year yield increased to 3.93 percent, the highest level since November. The CAC and DAX both decline by 0.3 percent as European markets close lower on Friday. Fear that demand will be impacted by US rate increases causes Brent to fall below $83/bbl. Due to the strong dollar and rising bond yields, gold prices have fallen below $1,840/oz.
Stock Market Today: Dollar gains
A strong run of economic data coming out of the US on Monday helped the dollar gain ground, and traders predict that the Federal Reserve will continue to tighten monetary policy longer than initially anticipated.
Sterling fell 0.12% to $1.2028 and the Australian dollar fell 0.18% to $0.6866 as the US dollar advanced broadly in early Asian trading.
The value of the dollar increased to 134.32 yen, up 0.14%.
Because U.S. markets are closed on Monday in observance of Presidents’ Day, trading is likely to be light.
Change in oil prices
After settling at $2 per barrel on Friday, oil prices were little changed in early Asian trade on Monday as expectations for a recovery in China’s demand were dampened by rising supplies in the United States and predictions of further interest rate hikes.
By 00:51 GMT, Brent crude was down 9 cents, or 0.1%, to $82.91 per barrel. Tuesday’s expiration price of U.S. West Texas Intermediate crude was $76.40 per barrel, up 6 cents. April’s busier contract lost 9 cents to reach $76.46.
Stock Market Today: Gold trades lower
A stronger dollar and recent U.S. economic data caused gold prices to decline on Monday, fueling concerns that the Federal Reserve may increase interest rates further.
As of 00:48 GMT, spot gold was down 0.2% at $1,837.59 per ounce. To $1,847.60, U.S. gold futures declined by 0.1%.
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