Before Market Opens: 9 things to know at 9 am on August 19, 2022

US stocks ended higher Thursday as an upbeat sales forecast from Cisco Systems helped to lift the technology sector, while data showed the economy remained relatively strong. Investors were still assessing Wednesday's minutes from the Federal Reserve's July meeting, which they initially saw as supporting a less aggressive stance by the central bank. The Dow Jones Industrial Average rose 18.72 points, or 0.06%, to 33,999.04, the S&P 500 gained 9.7 points, or 0.23%, to 4,283.74 and the Nasdaq Composite added 27.22 points, or 0.21%, to 12,965.34.

Asian shares were left in limbo on Friday while the US dollar made all the running as recession clouds gathered over Europe and highlighted the relative outperformance of the US economy. Added concerns about the health of China's economy saw MSCI's broadest index of Asia-Pacific shares outside Japan ease 0.3%, to be down 1.1% on the week. Chinese blue chips were flat, while South Korea lost 0.5%. Japan's Nikkei fared better with a 0.3% gain due in part to a renewed slide in the yen.

Indian shares closed marginally higher on Thursday in a volatile session with gains held in check by weakened global markets after central bankers suggested that the inflation outlook was not improving. The NSE Nifty 50 index closed 0.07% higher at 17,956.5 while the S&P BSE Sensex was up 0.06% at 60,298.

At 8:20 am, the SGX Nifty was trading 46 points or 0.26 percent lower at 17,957, indicating a weak opening for the Indian markets.

Oil prices edged higher in early trade on Friday, extending a rally into a third day, as investors weighed hopes for strong fuel demand after a larger-than-expected drawdown in U.S. crude stocks, brushing off worries about a global economic slowdown. Brent crude futures climbed 7 cents, or 0.1%, to $96.66 a barrel by 0030 GMT after settling 3.1% higher on Thursday. US West Texas Intermediate crude was at $90.65 a barrel, up 15 cents, or 0.2%, following a 2.7% increase in the previous session.

India’s headline retail inflation, as measured by the Consumer Price Index, will ease to 5 percent by April-June of the next fiscal year, the Reserve Bank of India said in the monthly bulletin released on August 18. “With the trajectory of outcomes largely in line with projections, we expect momentum to ease from 3.0 percent in Q1 (April-June) to 1.7 percent in Q2 and further to 1.3 percent in Q3 and turn mildly negative in Q4 before picking up modestly and on seasonal food price effects to 2.2 percent in Q1 FY24,” the RBI said.

Gold prices slipped to a three-week low on Friday and were heading for their first weekly decline in five, as a stronger dollar and prospects of more rate hikes by the US Federal Reserve dented bullion's appeal, reported news agency Reuters.

Foreign institutional investors (FIIs) turned net sellers for the first time in current month, offloading shares worth ₹1,706 crore, whereas domestic institutional investors (DIIs) net bought shares worth ₹470.79 crore on August 18, as per provisional data available on the NSE.

The rupee fell 23 paise to close at 79.68 per dollar in the previous session on August 18. The rupee is expected to experience pressure after the dollar gained strength on speculations of more rate hikes by the US Fed.