SGX Nifty, Dow Futures Trade Flat: Street’s Opening After Powell’s Speech

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SGX Nifty, Dow Futures Trade Flat: Street’s Opening After Powell’s Speech

By Malvika Gurung

Investing.com — The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50, advanced 0.08% or 15 points higher at 8:50 am on Wednesday, indicating a flat opening on Dalal Street.

Further, the Dow Jones Futures and Nasdaq 100 Futures traded flat too.

Major indices on Wall Street ended higher on Tuesday as Fed Chair Jerome Powell did not give any comments on rate policy during his speech in Sweden. He said that the Fed’s independence was essential for it to battle inflation.

Nasdaq Composite surged 1.01%, S&P 500 rose 0.7% and Dow Jones gained 0.56%. 

Asian markets advanced on Wednesday, tracking an overnight rise on Wall Street, following Powell’s decision to not comment on rate policy. 

At 8:52 am, South Korea’s Kospi gained 0.14%, Japan’s Nikkei surged 1.08%, Hong Kong’s Hang Seng jumped 1.13%, China’s Shanghai Composite climbed 0.19% and Australia’s ASX 200 climbed 0.92%.

Oil prices declined on Wednesday following industry data that indicated a large weekly build in U.S. crude stockpiles. API data showed that stockpiles rose by over four times in the first week of the new year.

Brent crude Futures declined 0.83% to $79.42/barrel and WTI Futures tanked to $74.45/barrel at the time of writing. Natural Gas Futures surged 1.3%.