Before Market Opens: US, Asian stocks rise on slower rate hikes hope; 9 things to know at 9 am on December 9, 2022

Major Wall Street indices ended higher on December 8, with S&P 500 snapping a five-session losing streak after data showed a rise in weekly jobless claims in the US which investors interpreted as a sign the pace of interest rate hikes could soon slow. The Dow Jones Industrial Average rose 183.56 points, or 0.55 percent, to close at 33,781.48, the S&P 500 gained 29.59 points, or 0.75 percent, to finish at 3,963.51, and the Nasdaq Composite added 123.45 points, or 1.13 percent, at 11,082.

Asian stocks advanced on December 9, following the gains in the US stocks with traders awaiting inflation prints in China and the US. Japan's Nikkei rose more than a percent while Korea's Kospi rose about half a percent but China's Shanghai Composite Index traded lower around 8 am IST.

Domestic equity benchmarks the Sensex and the Nifty ended higher on December 8. Sensex closed 160 points, or 0.26 percent, higher at 62,570.68 while the Nifty settled at 18,609.35, up 49 points, or 0.26 percent. The BSE Midcap index rose 0.43 percent and the Smallcap index settled with a gain of 0.32 percent.

SGX Nifty (Nifty futures on Singapore Stock Exchange) indicated a positive start for the domestic market on December 9. At 8 am, the SGX Nifty was trading 83 points, or 0.44 percent, higher at 18,810.5.

Oil prices bounced on Friday as the closure of a major Canada-to-US crude pipeline disrupted supplies, but prices remained near December 2021 lows on concerns over slowing global demand growth, reported Reuters. Benchmark Brent Crude rose more than a percent to trade near the $77 per barrel mark.

The number of Americans filing new claims for jobless benefits increased moderately last week, pointing to a still-tight and strong labour market despite growing fears of a recession as the Federal Reserve fights to dampen demand, reported Reuters.

Gold prices traded flat as investors awaited US inflation data and the rate hike decision of the US Federal Reserve on December 14.

The rupee rose 5 paise to settle at 82.43 per dollar on December 8 amid gains in the equity market. Meanwhile, the dollar eased against its global peers on concerns over an economic slowdown in the US.

Foreign portfolio investors (FPI) sold Indian shares worth ₹1,131.67 crore on NSE, BSE and MSEI in the previous session on December 8. Conversely, domestic institutional investors (DIIs) bought Indian shares worth ₹772.29 crore, data from NSE showed.