Stock Market Live: SGX Nifty, Asia Slide; US inflation raises concerns about rate hike

SGX Nifty futures fall 0.9% on sell-off among global peers

Nifty futures on the Singapore Exchange closed 147 points or 0.9% lower at 16,020 in early deals on Thursday, indicating a weak opening for the Indian benchmark.

On Wednesday, the benchmark Sensex fell 276.46 points to 54,088.39, while the Nifty was down 72.90 at 16167.10.

SGX Nifty, Asia Slide; Inflation raises investor concerns

Asian stocks fell on Thursday after higher US inflation strengthened the case for aggressive monetary tightening and fueled a slide on Wall Street.

An Asian stock gauge declined amid losses in Hong Kong and Japan and mixed performance in China. US futures stabilized after hitting the S&P 500’s lowest level since March 2021 and the tech-heavy Nasdaq 100 down nearly 3%.

US inflation moderated, but topped expectations at 8.3%, indicating continued price pressures. Traders bet that the Fed will raise interest rates another half-point in September – after similar increases in June and July. Russia’s war in Ukraine and the Kovid-19 lockdown in China are creating shortages and stoking costs.

S&P 500 futures fell 0.6%, Nasdaq 100 futures 0.8% and Euro Stoxx 50 futures fell 1.5%.

Japan’s Topix index fell 0.3%, Australia’s S&P/ASX 200 index fell 0.7%, South Korea’s Kospi index fell 0.1%, Hong Kong’s Hang Seng index retreated 0.7%, while China’s Shanghai Composite Index fell 0.2% Raised.

Overnight, US stocks fell sharply, with the Nasdaq falling more than 3% and the Dow falling for the fifth straight day after inflation data did nothing to ease investor concerns over interest rates and the outlook for the economy. The Dow Jones Industrial Average fell 326.63 points, or 1.02%, to 31,834.11, the S&P 500 fell 65.87 points, or 1.65%, to 3,935.18, and the Nasdaq Composite fell 373.44 points, or 3.18%, to 11,364.24.