← Go back May 05, 2023
Asian markets were set for a weak start on Friday after a rout in regional banks rattled Wall Street, with brewing anxiety about the next financial shoe to drop making traders increase their bets on Federal Reserve rate cuts.U.S. futures rose slightly in early Asia trading after the S&P 500 tumbled 0.7% on Thursday. Contracts for Australia dropped, while those for Hong Kong were little changed. Japanese markets are shut for a holiday.Another round of trading halts in the financial industry hit U.S. lenders including Western Alliance Bancorp, PacWest Bancorp and First Horizon Corp., while a probe into Goldman Sachs Group Inc.’s role in Silicon Valley Bank’s deal also weighed on sentiment Apple Inc. rose in late hours after reporting earnings. Nevertheless, Wall Street’s fear gauge, the Cboe Volatility Index (VIX), spiked to hit the key 20 mark.Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.38%. Crude prices were trading below $73-mark, while Bitcoin declined to trade below 29,000-level. At 5:47 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.36% at 18,220. Domestic benchmark—BSE Sensex and NSE Nifty 50—continued moving upwards to close at their highest levels in a month.Indian rupee ended its three-day decline against the U.S. dollar on the day after U.S. Fed announced a 25-basis-point hike and signalled a rate pause in future.Foreign investors were net buyers for the sixth day and bought equities worth Rs 1,414.73 crore. On the other hand, domestic institutional investors turned buyers, snapping their two-day selling streak, and bought stocks worth Rs 441.56 crore, the NSE data showed.Continue Reading. Read more on Markets by BloombergQuint.
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