Before Market Opens: 9 things to know at 9 am on April 22, 2022

Wall Street reversed course and posted losses on Thursday while oil gained as Federal Reserve Chairman Jerome Powell suggested the US central bank would move aggressively to curb inflation. Powell said that a half-point interest rate increase will be on the table when the Fed meets in May, adding it would be appropriate to be moving a little more quickly. The Dow Jones Industrial Average ended down 1.05%, while the S&P 500 lost 1.48% and the Nasdaq Composite dropped 2.07%.

Shares in Asia-Pacific fell in Friday morning trade as investors watch for market reaction to overnight remarks from US Federal Reserve Chairman Jerome Powell. The Nikkei 225 in Japan led losses among the region’s major markets, declining 1.71% as shares of conglomerate SoftBank Group dropped more than 2%. The Topix index shed 1.31%. South Korea’s Kospi traded 1.1% lower. Australian stocks also declined as the S&P/ASX 200 dipped 0.97%. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.51% lower.

Headlines indices the Sensex and the Nifty extended gains into the second consecutive session on April 21 as investors continued picking stocks on cheaper valuation after the recent correction. The 30-share pack closed 874 points, or 1.53 percent, higher at 57,911.68. Nifty50 closed 256 points, or 1.49 percent, higher at 17,392.60.

Oil prices rose on Thursday, buffeted by concerns about tightened supply as the European Union (EU) mulls a potential ban on Russian oil imports that would further restrict worldwide oil trade. Brent crude futures settled up $1.53to close at $108.33 a barrel, after earlier reaching a high of $109.80. US West Texas Intermediate (WTI) crude futures ended up $1.60, or 1.6%, to $103.79, after earlier reaching a high of $105.42.

At 8:20 am, the SGX Nifty was trading 214 points or 1.2 percent lower at 17,199, indicating a gap-down opening for the Indian markets.

A half-point interest rate increase "will be on the table" when the Federal Reserve meets on May 3-4 to approve the next in what are expected to be a series of rate increases this year, Fed Chair Jerome Powell said Thursday in comments that pointed to an aggressive set of Fed actions ahead. With inflation running roughly three times the Fed's 2% target, "it is appropriate to be moving a little more quickly," Powell said in a discussion of the global economy at the meetings of the International Monetary Fund. "Fifty basis points will be on the table for the May meeting." (Photo by SAUL LOEB / AFP)

The rupee ended 5 paise higher at 76.15 per dollar on April 22. Gains in equity market helped the domestic unit but dollar's rise capped the gains of rupee.

Gold prices eased after a rise in US bond yields while the prospects of aggressive rate hikes also weighed on the yelloe metal. Gold ended slightly lower at 1,952.60 in international markets.

Foreign institutional investors (FII) net sold Indian shares worth ₹713.7 crore on Thursday, tenth straight day of outflow. However, domestic institutional investors (DIIs) made net purchases of ₹2,823.4 crore, according to provisional exchange data.