Before Market Opens: 9 things to know at 9 am on June 10, 2022

US stocks sold off sharply Thursday as investor anxiety heightened ahead of data on Friday that is expected to show consumer prices remained elevated in May. Selling picked up toward the end of the session. Mega-cap growth stocks led the drop, with Apple Inc and Amazon.com Inc falling 3.6% and 4.2%, respectively, and putting the most pressure on the S&P 500 and the Nasdaq. The Dow Jones Industrial Average fell 638.11 points, or 1.94%, to 32,272.79; the S&P 500 lost 97.95 points, or 2.38%, to 4,017.82; and the Nasdaq Composite dropped 332.05 points, or 2.75%, to 11,754.23.

Shares in Asia-Pacific slipped in Friday morning trade as Chinese inflation data for May came in largely in line with expectations. Investors also looked ahead to the release of US inflation data expected later stateside. Japan’s Nikkei 225 shed 1.27% as shares of SoftBank Group dropped 2.88%. South Korea’s Kospi fell 1.34%. The S&P/ASX 200 in Australia dipped 0.76%. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 1.23% lower.

Indian equity benchmarks rebounded on Thursday led by a fag-end recovery in oil & gas, financial, IT and FMCG pockets, following four back-to-back sessions of losses. The Sensex gained 427.8 points or 0.8 percent to end at 55,320.3 and the Nifty50 settled at 16,478.1, up 121.9 points or 0.7 percent from its previous close.

At 8:20 am, the SGX Nifty was trading 245 points or 1.5 percent lower at 16,239 indicating a gap-down opening for the Indian markets.

Oil prices dipped on Friday after parts of Shanghai imposed new COVID-19 lockdown measures, as strong gains in refined products contributed to an ongoing bullish backdrop for crude oil. Brent crude futures for August settled down at $121.93 a barrel, a 0.9 percent decline at 7:27 am.

The European Central Bank raised its inflation projections once again on Thursday but cut its growth outlook as the conflict in Ukraine continues to weigh on confidence, consumption and investment. Inflation is seen averaging 6.8% this year, well above the 5.1% predicted in March, while it is seen at 3.5% in 2023 and 2.1% in 2024.

The rupee ended 3 paise lower at 77.76 per dollar in the previous session on June 9. The rupee may see some weakness as the dollar and US Treasury yields grew stronger.

Gold edged down on June 10 and headed for a weekly fall, as Treasury yields rose, with investors awaiting key monthly US inflation data that is due later in the day for cues on the future of monetary policy, reported Reuters.

Foreign institutional investors (FIIs) have net sold ₹1,512.64 crore worth of shares, whereas domestic institutional investors (DIIs) remained net buyers to the tune of ₹1,624.90 crore on June 9, as per provisional data available on the NSE.