Global market update: SGX Nifty, Asia follow weak cues from Wall Street
US market saw the worst day of 2023 on Tuesday as macro data points at higher rate scenario. The markets around the globe are keenly eyeing the US fed meeting minutes, scheduled to be released today, for hints on further monetary policy tightening.
US Markets
Wall Street and world stocks had their worst day this year after purchasing managers index data showed that the U.S. services sector is roaring back to life. Not one of the 18 economists polled by Reuters expected the services PMI to bounce back above the 50.0 threshold between contraction and expansion, and the shockwaves were felt across all asset classes.
Stocks slumped, volatility and the dollar rose, the two-year Treasury yield neared November’s post-2007 peak, the implied U.S. terminal rate rose to a new high of 5.36%, and a potential 50 basis point rate hike next month is coming on traders’ radar, reported Reuters.
Asian Market
The Asian market indices also started the day muted on weak cues from Wall Street.
SGX Nifty
SGX Nifty trading with a discount of nearly 60 points from Nifty Futures Tuesday close, indicates a gap-down start for the Indian market.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.