← Go back Jun 06, 2023
Asian stock futures fell after Wall Street closed lower as investors looked beyond the debt ceiling to instead focus on the path for interest rates and concern in earnings reports.Contracts for benchmarks in Japan, Hong Kong and Australia all slid, adding pressure to the region’s equities, which fell more than 1% Wednesday against the backdrop of worries about Chinese growth. Manufacturing data for China due Thursday is forecast to show a further contraction in activity.Contracts for U.S. equities were flat in early Asian trading after declines on Wednesday. The S&P 500 closed 0.6% lower, narrowly clinging to a small gain for May to mark three consecutive monthly advances. The Nasdaq 100 index fell 0.7%, weighed down by a decline for Nvidia Corp. shares after a rapid rally that has tripled the stock price this year.Comments from Federal Reserve Governor Philip Jefferson signaled the central bank is inclined to keep interest rates steady in June to assess the economic outlook.Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.63%. Crude declined nearly 1% below $73-mark, while Bitcoin was above 27,000-level. At 05:36 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, down 0.37% at 18,595.Domestic benchmark indices ended lower as banks and financial stocks, including the HDFC twins, Axis Bank Ltd. and State Bank of India dragged. The Indian rupee closed flat against the U.S. dollar as domestic equities came under pressure and the greenback retained its strength.Foreign investors were net buyers for the eighth straight day and bought equities worth Rs 3,405.9 crore. On the other hand, domestic institutional investors were net sellers for two days in a row and offloaded Rs 2,528.5 crore worth of equities.Continue Reading. Read more on Business News by BloombergQuint.
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