Before Market Opens: 9 things to know at 9 am on August 12, 2022

The Nasdaq and S&P 500 retreated to close lower on Thursday on the realization the Federal Reserve still needs to aggressively boost interest rates to fully tame rising consumer prices despite fresh evidence of cooling inflation. The Dow Jones Industrial Average rose 27.16 points, or 0.08%, to 33,336.67, while the S&P 500 slid 2.97 points, or 0.07%, to 4,207.27 and the Nasdaq Composite dropped 74.89 points, or 0.58%, to 12,779.91.

Japan stocks surged on return to trade, while shares in the Asia-Pacific were mixed on Friday following strong gains in the previous session as investors digested the U.S. inflation report. The Nikkei 225 briefly rose 2% and hovered close to that level, while the Topix index rose 1.83%. Japanese markets were closed Thursday for a holiday. In Australia, the S&P/ASX 200 shed 0.69%. South Korea's Kospi gave up early gains to fall 0.26%. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.21%.

At 8:20 am, the SGX Nifty was trading 7 points or 0.04 percent higher at 17,695, indicating a muted opening for the Indian markets.

Domestic equities clocked healthy gains on August 11 amid mixed global cues as sentiment got a boost after the US July inflation data hinted inflation might have peaked last month which may result in a moderation in the pace of rate hikes by the US Fed. Sensex closed 515 points, or 0.88%, higher at 59,332.60 with 19 stocks in the green and 11 stocks in the red. Nifty closed with a gain of 124 points, or 0.71%, at 17,659.

Oil prices rose by over 1% on Thursday after the International Energy Agency raised its oil demand growth forecast for this year as soaring natural gas prices lead some consumers to switch to oil. Brent crude futures gained $1.29, or 1.3%, to $98.69 a barrel by 1348 GMT, while U.S. West Texas Intermediate crude futures rose $1.45, or 1.6%, to $93.38.

A US Labor Department report Wednesday showing consumer prices didn't rise at all in July compared with June was just one step in what policymakers said would be a long process, with a red-hot job market and suddenly buoyant equity prices suggesting the economy needs more of the cooling that would come from higher borrowing costs. After Wednesday's CPI report, traders of futures tied to the Fed's benchmark interest rate pared bets on a third straight 75-basis-point hike at its September 20-21 policy meeting, and now see a half-point increase as the more likely option.

Gold prices were flat on Friday, weighed down by an uptick in the Treasury yields and prospects of U.S. interest rate hikes, although broader weakness in the dollar kept bullion on track for its fourth weekly gain, reported news agency Reuters.

The rupee ended 12 paise lower at 79.64 per dollar in the previous session. An uptick in crude oil prices after recession fears eased weighed on crude oil prices.

Foreign institutional investors (FIIs) have net bought shares worth ₹2,298.08 crore, whereas domestic institutional investors (DIIs) net sold shares worth ₹729.56 crore on August 11, as per provisional data available on the NSE.