Global market: SGX Nifty to Coinbase share plunge - key triggers for Indian stock market today
In the US, Coinbase Global share price tumbled 12.1% after the Securities and Exchange Commission charged the crypto exchange with operating its trading platform as an unregistered national securities exchange, broker and clearing agency.
PremiumAsian markets traded mixed on Wednesday following overnight gains on Wall Street after the S&P 500 ended at its highest level of 2023. Investors focus on China’s May trade data amid hopes of a government stimulus to support the country’s tepid economic recovery.
The US Federal Reserve's policy meeting next week will be eyed as the central bank is widely expected to hold interest rates.
In the US, Coinbase Global share price tumbled 12.1% after the Securities and Exchange Commission charged the crypto exchange with operating its trading platform as an unregistered national securities exchange, broker and clearing agency.
The crypto exchange said it was willing to take its legal fight to the nation’s Supreme Court as the government agency widens its crackdown on tokens that it considers listed securities.
Read here: Cryptocurrency lawsuit: Coinbase threatens to take SEC fight to Supreme Court if needed
Meanwhile, the World Bank raised its 2023 global growth forecast, but cut India’s growth forecast to 6.3% in FY2024 . This is a 0.3 percentage point downward revision from the previous estimates of 6.6%.
Investors will also keep an eye on the Reserve Bank of India's Monetary Policy Committee (MPC) meeting which will announce a decision on the repo rate on June 8. The RBI is widely expected to keep the benchmark rates unchanged.
Asian Markets
In Japan, the Nikkei 225 fell 1.42%, while the Topix declined 1%.
South Korea’s market opened on a positive note after a public holiday, with the Kospi rising 0.31% and the Kosdaq gaining 0.9%. Hong Kong’s Hang Seng index futures were trading higher.
Australia's S&P/ASX 200 rose 0.12%, after data showed teh country's GDP rose 0.2% in the first quarter, easing from 0.5% in the previous quarter.
SGX Nifty was trading 0.25% higher at 18,726, indicating a positive start for the Indian benchmark indices.
US Market
All three major indices on Wall Street ended higher on Tuesday. The S&P 500 rose 10.06 points, or 0.24%, at 4,283.85. The Dow Jones Industrial Average rose 10.42, or 0.03%, to close at 33,573.28, while the Nasdaq composite gained 46.99, or 0.36%, at 13,276.42.
Europe
European stocks rose on Tuesday, led by Novo Nordisk shares. The pan-European STOXX 600 index closed 0.4% up.
Britain’s FTSE 100 rose 0.4% at 7,209 and Germany’s DAX added 0.2% at 15,992.44. France’s CAC 40 gained 0.1% at 7,209.
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Gold price today
Gold prices traded flat amid cautiousness ahead of the US Federal Reserve's interest rate decision at its policy meeting next week. Although a softer dollar kept the bullion supported.
Spot gold was little changed at $1,963.83 per ounce, while US gold futures were flat at $1,980.20.
Energy
Crude oil prices inched higher as demand concerns owing to slow global economic growth were offset by fears of tighter global supply following Saudi Arabia's pledge to deepen output cuts, Reuters reported.
Brent crude futures were up 0.1% at $76.38 a barrel, while the US West Texas Intermediate crude futures rose 0.2% to $71.85 a barrel.
Currencies
The US dollar edged lower as traders assessed the odds of a rate hike by the Federal Reserve next week.
The US dollar index slipped 0.03% to 104.05, while the euro rose 0.07% to $1.0698. Sterling rose 0.08% to $1.2432, while the kiwi gained 0.08% to $0.6084 against the greenback.
The dollar slipped 0.27% to 139.26 against the Japanese yen.
(With inputs from Reuters)
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