Global markets: SGX Nifty up 22 points; Asian stocks subdued ahead of US inflation data

Here are the key global market triggers that may dictate Indian stock market today –

SGX Nifty

SGX Nifty higher, trading at a premium of more than 20 points from Nifty Futures close, indicating a flat-to-positive start for the Indian stock market today.

Asian stocks

Asian stocks look set to open higher after US markets traded in a narrow range ahead of inflation data that could signal whether the Federal Reserve will further raise interest rates.

US, European stocks

Equity markets in Europe rallied after a long four-day Easter holiday, while the S&P 500 retreated minutes before the close to end flat and the Nasdaq slid. Large US banks on Friday kick off earnings season that is expected overall to show a decline in profits, though banks are considered undervalued after a sell-off in March.

MSCI’s gauge of stocks across the globe gained 0.43%. The pan-European STOXX 600 index closed up 0.62% and Japan’s blue-chip Nikkei added 1.05%.

On Wall Street, the Dow Jones Industrial Average rose 0.29% and the S&P 500 closed essentially flat, down 0.001%. The Nasdaq Composite dropped 0.43% after trying to turn positive most of the session.

Investors are eagerly awaiting US consumer prices data on Wednesday and producer prices on Thursday. The consumer price index is expected to show core inflation rose 0.4% on a monthly basis and 5.6% year-over-year in March, according to a Reuters poll of economists.

Core CPI appears likely to trough at 5.0% in September before moving higher, should the current path persist, as prices for services rise further, Jonathan Golub, chief US equity strategist at Credit Suisse, said in a note.

China shares

China shares were mixed at the open, with the Shanghai Composite Index up 0.1% while Hong Kong’s Hang Seng Index lost 0.02%. Data on Tuesday showed China’s consumer inflation in March was at its slowest since September 2021.

Dollar

The dollar fell after a strong U.S. jobs report for March showed a resilient labor market, adding to expectations of another Fed rate hike. The data on Friday showed employers added 236,000 jobs while the unemployment rate fell to 3.5%.

The dollar index fell 0.322%, with the euro up 0.49% to $1.0912 and the yen weakening 0.07% at 133.69 per dollar.

Crypto

Bitcoin advanced for the fourth day, blowing past the key $30,000 level for the first time in 10 months before pulling back to $30,074.00. The digital token had been stuck between about $26,500 and $29,400 the previous three weeks.

Oil

Oil rose above $81 a barrel, holding gains as the first of a spate of supply-and-demand projections scheduled this week forecast a modest rise in US production.

US crude rose $1.79 to settle at $81.53 a barrel, while Brent settled up $1.43 at $85.61.