Before Market Opens: 9 things to know at 9 am on October 14, 2022

US stocks surged to close more than 2% higher on Thursday, as technical support and investors covering short bets drove a dramatic rebound from a selloff earlier in the day. The reversal marked a jump of nearly 194 points in the S&P 500 from its low of the session to its high, the biggest intraday jump for the index since January 24. The Dow Jones Industrial Average rose 827.87 points, or 2.83%, to 30,038.72, the S&P 500 gained 92.88 points, or 2.60%, to 3,669.91 and the Nasdaq Composite added 232.05 points, or 2.23%, to 10,649.15.

Shares in the Asia-Pacific jumped on Friday, taking the lead from Wall Street overnight as investors shook off a strong inflation report. The Nikkei 225 was 2.37% higher in early trade, while the Topix gained 1.74%. In Australia, the S&P/ASX 200 popped 1.7%. South Korea’s Kospi advanced 1.74%. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.83% higher.

At 8:20 am, the SGX Nifty was trading 351 points or 2 percent higher at 17,307, indicating a gap-up opening for the Indian markets.

Benchmark BSE Sensex declined by 390 points on Thursday following heavy selling in banking, finance and capital goods stocks due to inflation and growth concerns. A weak rupee and rising crude prices also impacted the market sentiment, traders said. The 30-share BSE Sensex declined 390.58 points or 0.68 percent to settle at 57,235.33. Likewise, the broader NSE Nifty fell 109.25 points or 0.64 percent to end at 17,014.35.

Oil prices slipped in early Asian trade on Friday as US crude and gasoline inventories jumped, while Saudi Arabia and Washington continued to clash over plans by OPEC+ to slash production. Brent crude futures fell 15 cents, or 0.2%, to $94.42 per barrel by 0034 GMT, while US West Texas Intermediate (WTI) crude futures were down 21 cents, or 0.2%, cents at $88.90 per barrel.

US prices rose 0.4 percent in September compared to August, twice the 0.2 percent projected by analysts, with price increases for food, shelter and medical care weighing on consumers, according to data from the Bureau of Labor Statistics. The annual rate of inflation slowed slightly to 8.2 percent from 8.3 percent, according to the report.

The rupee fell nearly 4 paise to end at 82.35 per dollar in the previous session on October 13.

Foreign institutional investors (FIIs) net sold shares worth ₹1,636.43 crore whereas domestic institutional investors (DIIs) net bought shares worth ₹753.29 crore on October 13, as per provisional data available on the NSE.

Gold prices fell after the elevated US inflation data raised concerns that the Fed will raise rates aggressively next month.