Nifty’s Opening Amid Grim Global Cues As Fed Rate Hike Looms, Chinese Yuan Sinks

By Malvika Gurung — The listed on the Singapore-based Exchange SGX, an early indicator for , traded 0.42% or 74.5 points lower at 8:55 am on Wednesday amid grim global cues ahead of the Fed’s policy decision, indicating a negative opening on Dalal Street.

Further, the gained 0.1% and rose 0.08%.

Major indices on Wall Street ended lower on Tuesday ahead as investors braced themselves for another large interest rate hike and an ultra-hawkish policy by the US Fed, to tame the decades-high inflation.

Shares of the auto giant Ford Motor (NYSE:) plunged 12.3% in the session, marking its worst single-day fall in over a decade after it pegged the inflation-related costs to be $1 billion more than estimated in the ongoing quarter and pushed some vehicle deliveries to the fourth quarter due to shortage of parts.

tanked 0.95%, plunged 1.01% and nosedived 1.13%. 

Stocks across Asian markets followed grim cues from Wall Street’s overnight performance and traded in red on Wednesday as investors awaited a hefty rate hike decision by the Fed.

At 8:45 am, Japan’s Nikkei dived 1.37%, South Korea’s Kospi declined 0.77%, China’s slid 0.53%, Hong Kong’s fell 1.53% and Australia’s ASX 200 crashed 1.42%.

China’s yuan sank to a new two-year low in the session upon an anticipated high rate hike by the Fed which boosted the dollar in conjunction with concerns of slowing economic growth. 

traded at $90.8/barrel and WTI Futures at $84.08/barrel at the time of writing. Futures gained 0.5%.

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