Before Market Opens: US stocks fall, Asia trades lower; RBI MPC in focus; 9 things to know at 9 am on December 7, 2022

US stocks fell as investors remained concerned over a looming recession after a series of Fed rate hikes. Latest strong US macro data have fuelled concerns that the US Fed may not go slow on the rate hikes as earlier expected. The Dow Jones Industrial Average fell 1.03 percent, the S&P 500 dropped 1.44 percent and the Nasdaq Composite plunged 2 percent. In Europe, the STOXX 600 index closed down 0.58 percent. REUTERS/Carlo Allegri

Asian stocks traded lower, following US stocks as investors assessed China's Covid-related policy and sought cues on the Federal Reserve's policy outlook. China's Shanghai Composite Index traded 0.28 percent lower while Nikkei dropped 0.43 percent. Korea's KOSPI was flat. (AP Photo/Lee Jin-man)

SGX Nifty (Nifty futures on Singapore Stock Exchange) indicated a flat-to-negative start for the domestic market on December 7. At 7:50 am, the SGX Nifty was trading 14 points, or 0.07 percent, lower at 18,739.

The domestic equity market ended in the red in the previous session on December 6, tracking weak global cues after strong US macroeconomic data dented hopes of a slower rate hike by the US Fed. Sensex closed 208 points, or 0.33 percent, lower at 62,626.36. The Nifty50 settled at 18,642.75, down 58 points, or 0.31 percent.

US oil prices fell in frenzied trading on December 6 to their lowest settlement levels this year, with Brent finishing below $80 per barrel for the second time in 2022, as investors fled the volatile market in an uncertain economy, reported Reuters. Around 7:45 am, Brent Crude was trading 0.28 percent up at $79.55 per barrel. REUTERS/Angus Mordant/File Photo/File Photo

Gold prices traded lacklustre in early Asian trade on December 7 as investors sought clues on the pace of rate hikes for the next week's US Federal Reserve policy meeting. REUTERS/Ajay Verma

The rupee fell 82 paise to close at 82.62 per dollar in the previous session on December 6 as the greenback traded higher after robust US services data bolstered expectations for higher interest rates from the US Federal Reserve.Photographer: Dhiraj Singh/Bloomberg

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) will reveal its decision on key lending rates and assess India's growth and inflation on December 7. Analysts are expecting a rate hike between 25-35 bps as inflation remains above the central bank's upper tolerance range of 6 percent.

Foreign portfolio investors (FPI) sold Indian shares worth ₹635.35 crore on NSE, BSE and MSEI in the previous session on December 6. Domestic institutional investors (DIIs) also sold Indian shares worth ₹558.67 crore, data from NSE showed.