Before Market Opens: 9 things to know at 9 am on July 7, 2022

Wall Street ticked upwards, while oil continued to slide on Wednesday as investors juggled concerns over inflation versus a recession after Federal Reserve minutes showed officials rallied around a large rate hike at their June meeting. The Dow Jones Industrial Average was up 0.22 percent, the S&P 500 climbed 0.36 percent and the Nasdaq Composite was up 0.35 percent.

Asia-Pacific markets traded higher on Thursday as investors watch for market reaction to the latest Fed minutes. Japan’s Nikkei 225 gained 0.83 percent, and the Topix index rose 0.84 percent. In South Korea, the Kospi advanced 1.04 percent after closing more than 2 percent lower on Wednesday. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.17 percent higher.

At 8:20 am, the SGX Nifty was trading 135 points or 0.85 percent higher at 16,118 indicating a gap-up openning for the Indian markets.

Benchmark stock indices Sensex and Nifty jumped over 1 percent on Wednesday amid foreign funds turning net buyers of domestic equities after a long gap and a positive opening in European stock markets. The 30-share BSE benchmark index climbed 616.62 points or 1.16 percent to settle at 53,750.97. During the day, it rallied 684.96 points or 1.28 percent to 53,819.31. The NSE Nifty advanced 178.95 points or 1.13 percent to 15,989.80.

A deteriorating inflation situation and concern about lost faith in the Federal Reserve's power to make it better prompted US central bank officials to rally around an outsized interest rate increase and a firm restatement of their intent to get prices under control, minutes of the June 14-15 policy meeting showed. 

Oil prices slipped in early Asian trade on Thursday, after hitting a nearly three-month low during the previous session, as fears of a potential global recession spurred concerns about oil demand. Brent crude futures fell 71 cents to $99.98 a barrel by 0013 GMT. WTI crude futures fell 62 cents to $97.91 a barrel. The declines follow a dramatic fall on Tuesday. WTI slid 8 percent while Brent tumbled 9 percent - a $10.73 drop that was the third biggest for the contract since it started trading in 1988.

The rupee ended 7 paise higher at 79.30 per dollar in the previous session on July 6 as oil prices declined amid concerns of a recession. However, a strong dollar capped the gains of the rupee.

Foreign institutional investors (FIIs) turned net sellers, offloading shares worth ₹330.13 crore, whereas domestic institutional investors (DIIs) net bought shares worth ₹1,464.33 crore on July 6, as per provisional data available on the NSE.

Gold prices fell amid the dollar's rise against its peers. As reported by Reuters, gold extended its selloff to an over nine-month low on July 6 hurt by a stronger dollar.