Before Market Opens: From FTX to oil prices; 9 things to know at 9 am on November 10, 2022

Wall Street ended sharply lower on Wednesday as Republican gains in midterm elections appeared more modest than some expected, with investors also focusing on upcoming inflation data that will provide clues about the severity of future interest rate hikes. The S&P 500 declined 2.08 percent to end the session at 3,748.58 points. The Nasdaq declined 2.48 percent to 10,353.18 points, while the Dow Jones Industrial Average declined 1.95 percent to 32,513.94 points.

Shares in the Asia-Pacific fell Thursday as investors await US inflation data, a key metric closely watched by the Federal Reserve, and as US midterm results continue to roll in. The Nikkei 225 in Japan shed 0.9 percent in early trade and the Topix declined 0.65 percent. In South Korea, the Kospi dropped 0.53 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.2 percent. In Australia, the S&P/ASX 200 was down 0.43 percent.

At 8:20 am, the SGX Nifty was trading 93 points or 0.5 percent lower at 18,100, indicating a weak opening for the Indian markets.

Indian equities ended lower on November 9, snapping a two-day winning run as investors booked profit in light of weak global cues. Investors booked some profit awaiting the results of the US midterm elections and inflation numbers. Sensex opened at 61,304.29 against the previous close of 61,185.15 and touched its intraday high and low of 61,447.23 and 60,905.15 respectively. The index finally closed 152 points, or 0.25%, lower at 61,033.55 while the Nifty50 closed 46 points, or 0.25%, lower at 18,157.00.

Oil prices sank by roughly $3 a barrel on Wednesday after industry data showed that US crude stockpiles rose more than expected and on concerns that a rebound in Covid-19 cases in top importer China would hurt fuel demand. Brent crude futures settled at $92.65 a barrel, shedding $2.71, or 2.8 percent, while US West Texas Intermediate (WTI) crude futures settled at $85.83 a barrel, dropping $3.08, 3.5 percent.

Eicher Motors, Zomato, Adani Green Energy, Apollo Hospitals Enterprise, Ashok Leyland, Aster DM Healthcare, Bata India, Mrs. Bectors Food Specialities, Berger Paints India, Campus Activewear, Container Corporation of India, Gujarat State Petronet, Gujarat Gas, Indian Hotels, Jindal Steel & Power, Kalpataru Power Transmission, Kalyan Jewellers India, Linde India, Mazagon Dock Shipbuilders, Muthoot Finance, NHPC, Oil India, Page Industries, Power Finance Corporation, RITES, SAIL, Suzlon Energy, Torrent Power, and Trent will be in focus ahead of September FY23 quarter earnings on November 10.

The rupee jumped 48 paise to close at 81.43 per dollar in the previous session despite weakness in the domestic equity market. However, foreign portfolio investors remained buyers in the Indian market, buying shares worth ₹386.83 crore on NSE, BSE and MSEI.

While the focus remains on the US dollar, it is worth pointing out that against other major currencies, including the euro, yen, and sterling, the rupee has strengthened, not weakened, this year (Shutterstock)

Gold prices were steady in international markets on November 10 as investors remained cautious awaiting the US inflation numbers which will be a trigger for Fed rate hikes in the coming months.