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

Global shares rose on Friday and the US dollar fell, after jobs data came in stronger than expected but also hinted at some slack in the tight American labour market, raising hopes the Federal Reserve might ease up on monetary tightening. The Dow Jones Industrial Average rose 1.26 percent to 32,403.22, the S&P 500 gained 1.36 percent to 3,770.55 and the Nasdaq Composite added 1.28 percent to 10,475.25.

Shares in the Asia-Pacific rose early Monday as investors digest the latest US jobs report and look ahead to the midterm elections. The Nikkei 225 in Japan was 0.75 percent higher and the Topix also gained 0.75 percent. In South Korea, the Kospi was up 0.86 percent. The S&P/ASX 200 traded 0.43 percent higher in Australia. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.4 percent higher.

quity benchmarks the Sensex and the Nifty ended in the green on November 4, supported by gains in shares of select heavyweights such as Reliance Industries, Bajaj Finserv, SBI and Bajaj Finance. Sensex ended 114 points, or 0.19%, higher at 60,950.36 and the Nifty50 closed the day at 18,117.15, up 64 points, or 0.36%. There were mixed signals for the market. Among the global peers, major European markets were up amid reports that China may relax its Covid-restrictions.

At 8:20 am, the SGX Nifty was trading 98 points or 0.54 percent higher at 18,301, indicating a positive opening for the Indian markets.

Oil prices fell more than 2 percent at the start of Asia trade on Monday after Chinese officials on the weekend reiterated their commitment to a strict Covid containment approach, dashing hopes of an oil demand rebound at the world's top crude importer. Brent crude futures dropped $1.58, or 1.6 percent, to $96.99 a barrel by 2336 GMT, after hitting as low as $96.50 earlier. US West Texas Intermediate crude was at $90.84 a barrel, down $1.77, or 1.9 percent, dropping to a session-low of $90.40 a barrel earlier in the session.

US job growth increased more than expected in October, but the pace is slowing and the unemployment rate rose to 3.7 percent, suggesting some loosening in labour market conditions, which would allow the Federal Reserve to shift towards smaller interest rates increases starting in December. The Labor Department's closely watched unemployment report on Friday also showed annual wages increasing at their slowest pace in just over a year last month. Household employment decreased and the employment-to-population ratio, viewed as a measure of an economy's ability to create employment, for prime-age workers fell by the most in 2-1/2 years. The survey of establishments showed nonfarm payrolls increased 261,000 last month, the smallest gain since December 2020. Data for September was revised higher to show 315,000 jobs added instead of 263,000 as previously reported.

Foreign institutional investors (FIIs) have net bought shares worth ₹1,436.25 crore, whereas domestic institutional investors (DIIs) net sold shares worth ₹548.59 crore on November 4, as per provisional data available on the NSE.

Gold prices slipped in international markets on November 7 as the dollar saw an uptick, weighing on the yellow metal's demand.

The rupee jumped 45 paise to close at 82.44 per dollar in the previous session on November 4 as the greenback eased. Gains in the equity market and buying by FPIs also supported the domestic currency. FPIs bought in Indian shares worth ₹1,436.25 crore on November 4.