Before Market Opens: From US markets' fall to crude oil rise; 9 things to know at 9 am on September 5, 2022

US stocks closed out the trading week on a down note on Friday, as early gains from a jobs report that showed a labor market that may be starting to loosen gave way to worries about the European gas crisis. The Dow Jones Industrial Average fell 337.98 points, or 1.07 percent, to 31,318.44; the S&P 500 lost 42.59 points, or 1.07 percent, to 3,924.26; and the Nasdaq Composite dropped 154.26 points, or 1.31 percent, to 11,630.86.

Asian shares slipped on Monday while the euro took a fresh spill after Russia shut a major gas pipeline to Europe, leading some governments there to announce emergency measures to ease the pain of soaring energy prices. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1%, and Japan's Nikkei was off 0.3 percent.

At 8:20 am, the SGX Nifty was trading 28 points or 0.16 percent lower at 17,511, indicating a weak opening for the Indian markets.

Key equity indices the Sensex and the Nifty ended flat on September 2 ahead of the US jobs data even as there is almost a certainty that the US Fed will hike rates aggressively in its September meet. Sensex closed 37 points higher at 58,803.33 while the Nifty50 closed 3 points lower at 17,539.45.

Oil prices jumped more than $1 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to tweak production and support prices at a meeting later in the day. Brent crude futures rose $1.43, or 1.5%, to $94.45 a barrel by 0054 GMT after gaining 0.7% on Friday. U.S. West Texas Intermediate crude was at $88.12 a barrel, up $1.25, or 1.4%, following a 0.3% advance in the previous session. U.S. markets are closed for a public holiday on Monday.

Reserve Bank of India (RBI) Governor Shaktikanta Das said inflation is likely to go down in the coming months in India and the impact of high inflation is past its peak. Inflation has become a global phenomenon. The globalisation of inflation has happened now, Das said. Considering the global situation, we can say that inflation reached its peak in India in April, but will now gradually come down, he added.

Gold prices were flat on Monday, after jumping as much as 1.2% in the previous session, as cautious investors focused on the US Federal Reserve's rate-hike path following a mixed jobs data, reported news agency Reuters.

The rupee fell 25 paise to settle at 79.80 per dollar in the previous session amid a flat close of the Indian market.

Foreign institutional investors (FIIs) net sold shares worth ₹8.79 crore, while domestic institutional investors (DIIs) net offloaded shares worth ₹668.74 crore on September 2, as per provisional data available on the NSE.