SGX Nifty to US inflation: Top triggers that could guide global markets today

Here we list down the major global market triggers that you must be aware of before opening bell on Dalal Street:

US inflation data

The US Consumer Price Index (CPI) rose by 0.50 per cent, which translated into a year-on-year (YoY) gain of 6.40 per cent in January 2023. The US inflation data released on Tuesday was a disappointment for the US economy as the inflation data. The market was higher than expected.

US market

Following the announcement of higher-than-expected US data, US stocks fell sharply as the Dow Jones lost 0.46 per cent, while the S7P 500 index fell 0.03 per cent after a choppy session on Tuesday. However, tech heavyweight Nasdaq closed up 0.57 per cent.

“It’s not the scary number some in the market feared,” said Lindsey Rosner, multisector portfolio manager at PGIM Fixed Income Following. Spicy US indices declined after the announcement of US inflation data.

european market

European stocks cheered disappointing US inflation data and hit one-year highs on Tuesday. After opening flat in Tuesday’s deals, the pan-European index of stocks climbed more than 6009 percent to hit a one-year high. Telecom shares led the way, while Coca-Cola Hellenic Bottling Company shares gained more than 5 per cent intraday. However, shares of the German engineering company Thyssenkrupp declined by more than 10 per cent.

sgx nifty

SGX Nifty opened flat in the morning trade today. SGX Nifty today opened at 17,948 and went as high as 17,995. However, soon profit-booking started and the index fell into the negative territory. The SGX Nifty is currently at 17,885, down 42 points from Tuesday’s closing price.

“Buy on dips strategy should be maintained as the technical structure looks positive on the chart pattern after making higher top higher bottom on the chart pattern. Immediate support for SGX Nifty is placed at 17,850 today, while 17,770 is the major support for the index. Similarly, the immediate hurdle. SGX Nifty is at 18,100 today, while 18,250 is the big hurdle for the index.” IIFL Securities,

Asian market

In Wednesday morning trading, the Japanese Nikkei fell 0.12 percent, Shanghai The index fell 0.29 per cent, the Hang Seng lost 1.71 per cent, while the KOSPI ended one per cent lower.

us dollar rates

The greenback declined 0.02 percent to 103.142, following higher-than-expected US CPI data.

US bond yield

The 10-year US bond yield is down 0.52 per cent at 3.742, while the 30-year US bond yield is down 0.75 per cent at 3.820.

gold rates today

After falling as low as $1,843 in Tuesday’s session, gold prices rallied strongly after disappointing US inflation data. Currently, gold is trading at $1,859 an ounce in the international market today, showing an intraday gain of around 0.25 per cent.

“The bearish trend should remain. Lastly, we think the market is bearish as both the indicators show bearish potential. Also, the price is trending lower and forming a lower technical pattern, which favors the bearish trend. For a downtrend scenario, the next support lies at $1,830. If the price closes below the level, it could trigger some technical selling and push the price deeper,” Main Strategy and Trading at Vantage Officer Mark Despalieres said.

crude oil price

WTI Oil Bears Are Looking To Break $79.00 open flood gate. US crude oil prices are adding to earlier losses after US Consumer Price Index data and during the Wall Street cash open. At the time of writing, the US oil price is trading at 78.837.

Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.