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Business News/ Photos / Before Market Opens: 9 essential things to know at 9 am on February 14, 2024

Before Market Opens: 9 essential things to know at 9 am on February 14, 2024

Before Market Opens: Indian markets are likely to open in the red on Wednesday following losses in global peers after US inflation rises more than expected. Gift Nifty was trading 23 points lower, indicating a negative start for Nifty. Let's take a look at key cues before the market opens today:

Wall Street's main indexes tumbled on Tuesday after a higher-than-expected consumer inflation reading pushed back market expectations of imminent interest rate cuts, driving U.S. Treasury yields higher. The Dow Jones Industrial Average posted its biggest one-day percentage drop in nearly 11 months after a Labor Department report showed U.S. consumer prices increased above forecasts in January amid a surge in the cost of shelter. The S&P 500 lost 68.14 points, or 1.37 percent, to end at 4,953.70 points, while the Nasdaq Composite lost 282.64 points, or 1.79 percent, to 15,659.91. The Dow Jones Industrial Average fell 522.05 points, or 1.36 percent, to 38,275.33.

1/9Wall Street's main indexes tumbled on Tuesday after a higher-than-expected consumer inflation reading pushed back market expectations of imminent interest rate cuts, driving U.S. Treasury yields higher. The Dow Jones Industrial Average posted its biggest one-day percentage drop in nearly 11 months after a Labor Department report showed U.S. consumer prices increased above forecasts in January amid a surge in the cost of shelter. The S&P 500 lost 68.14 points, or 1.37 percent, to end at 4,953.70 points, while the Nasdaq Composite lost 282.64 points, or 1.79 percent, to 15,659.91. The Dow Jones Industrial Average fell 522.05 points, or 1.36 percent, to 38,275.33.

US consumer prices rose more than expected in January amid higher costs of shelter and healthcare. The consumer price index (CPI) increased 0.3% last month after gaining 0.2% in December, data showed. In the 12 months through January, the CPI increased 3.1% as against 3.4% advance in December. Economists polled by Reuters had forecast the CPI rising 0.2% on the month and rising 2.9% year-on-year.

2/9US consumer prices rose more than expected in January amid higher costs of shelter and healthcare. The consumer price index (CPI) increased 0.3% last month after gaining 0.2% in December, data showed. In the 12 months through January, the CPI increased 3.1% as against 3.4% advance in December. Economists polled by Reuters had forecast the CPI rising 0.2% on the month and rising 2.9% year-on-year.

Asian shares tracked a negative lead from Wall Street on Wednesday, while the dollar and Treasury yields jumped as traders pared back expectations for the pace and scale of rate cuts by the Federal Reserve this year. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8% in early Asia trade and was headed for a fifth straight day of losses. Even Japan's standout Nikkei was not spared from the beating and fell 0.7%, after gaining 2.9% in the previous session and topping the 38,000 level. Elsewhere, stocks in Hong Kong were likewise in the red in their first trading day following the Lunar New Year holidays. The Hang Seng Index fell 0.8%.

3/9Asian shares tracked a negative lead from Wall Street on Wednesday, while the dollar and Treasury yields jumped as traders pared back expectations for the pace and scale of rate cuts by the Federal Reserve this year. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8% in early Asia trade and was headed for a fifth straight day of losses. Even Japan's standout Nikkei was not spared from the beating and fell 0.7%, after gaining 2.9% in the previous session and topping the 38,000 level. Elsewhere, stocks in Hong Kong were likewise in the red in their first trading day following the Lunar New Year holidays. The Hang Seng Index fell 0.8%.

At 8:15 am, the GIFT Nifty was trading 23 points or 0.11 percent lower at 21,626, indicating a negative opening for the Indian markets. 

4/9At 8:15 am, the GIFT Nifty was trading 23 points or 0.11 percent lower at 21,626, indicating a negative opening for the Indian markets. 

On Tuesday, the Indian stock market indices ended higher led by gains in select banking heavyweights amid mixed global cues. The Sensex gained 482.70 points, or 0.68%, to close at 71,555.19, while the Nifty 50 ended 127.20 points, or 0.59%, higher at 21,743.25.

5/9On Tuesday, the Indian stock market indices ended higher led by gains in select banking heavyweights amid mixed global cues. The Sensex gained 482.70 points, or 0.68%, to close at 71,555.19, while the Nifty 50 ended 127.20 points, or 0.59%, higher at 21,743.25.

Foreign institutional investors (FIIs) net bought shares worth  <span class='webrupee'>₹</span>376.32 crore, while domestic institutional investors (DIIs) purchased  <span class='webrupee'>₹</span>273.94 crore worth of stocks on February 13, provisional data from the NSE showed.

6/9Foreign institutional investors (FIIs) net bought shares worth 376.32 crore, while domestic institutional investors (DIIs) purchased 273.94 crore worth of stocks on February 13, provisional data from the NSE showed.

Gold languished near a two-month low on Wednesday, trading below the key $2,000 per-ounce level, after a stronger-than-expected U.S. inflation report dampened expectations for more than three quarter-point rate cuts from the Federal Reserve. Spot gold was down 0.1% at $1,991.09 per ounce (Oz), as of 0146 GMT, after hitting its lowest since Dec. 13 on Tuesday. Bullion fell about 1.4% on Tuesday in its biggest daily decline since Dec. 4. U.S. gold futures fell 0.2% to $2,003.60/Oz.

7/9Gold languished near a two-month low on Wednesday, trading below the key $2,000 per-ounce level, after a stronger-than-expected U.S. inflation report dampened expectations for more than three quarter-point rate cuts from the Federal Reserve. Spot gold was down 0.1% at $1,991.09 per ounce (Oz), as of 0146 GMT, after hitting its lowest since Dec. 13 on Tuesday. Bullion fell about 1.4% on Tuesday in its biggest daily decline since Dec. 4. U.S. gold futures fell 0.2% to $2,003.60/Oz.

Oil prices fell in early Asian trade on Wednesday after a U.S. industry group reported crude stocks rose more than expected last week and as investors reined in expectations for interest rate cuts by the U.S. Federal Reserve. Brent futures fell 29 cents, or 0.4%, to $82.48 when the market opened at 0000 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 22 cents, or 0.3%, to $77.65 a barrel. (REUTERS)

8/9Oil prices fell in early Asian trade on Wednesday after a U.S. industry group reported crude stocks rose more than expected last week and as investors reined in expectations for interest rate cuts by the U.S. Federal Reserve. Brent futures fell 29 cents, or 0.4%, to $82.48 when the market opened at 0000 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 22 cents, or 0.3%, to $77.65 a barrel. (REUTERS)

Moody’s Investor Group on February 13 said it has changed the outlook on debt papers of four Adani Group companies to stable from negative, and maintained the stable outlook on the other four companies. It affirmed the ratings of all eight companies. The companies for which rating outlook have been revised are Adani Green Energy Limited (AGEL), Adani Green Energy Restricted Group (AGEL RG-1), Adani Transmission Step-One Limited (ATSOL), and Adani Electricity Mumbai Limited (AEML) (AP)

9/9Moody’s Investor Group on February 13 said it has changed the outlook on debt papers of four Adani Group companies to stable from negative, and maintained the stable outlook on the other four companies. It affirmed the ratings of all eight companies. The companies for which rating outlook have been revised are Adani Green Energy Limited (AGEL), Adani Green Energy Restricted Group (AGEL RG-1), Adani Transmission Step-One Limited (ATSOL), and Adani Electricity Mumbai Limited (AEML) (AP)

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