Gift Nifty, Asian shares, cautious Fed to corporate results, among key global cues for Indian stock markets
US Federal Reserve continued to sound cautious, with Governor Christopher Waller Thursday saying that he expected two more rate hikes this year to bring inflation down to the 2% goal, though more good data on prices could obviate the need for the second hike. Also Read: Q1 earnings, global cues & more: Key triggers for stock markets this week Japanese markets are closed for a holiday. China's Shanghai Composite Index declined 0.58% to 3,219.02, while the Shenzhen Composite Index dropped 0.34% to 2,051.13. South Korea’s Kospi dipped 0.43%, while Hong Kong’s Hang Seng index futures were trading around 100 points lower at 19,319.
Hong Kong markets will be delayed due to a typhoon warning. Australia’s S&P/ASX 200 opened 0.12% lower. Meanwhile, Gift Nifty was trading at 19,639 as compared to Nifty’s Friday’s close of 19,564.50, indicating a positive opening for the Indian benchmark indices. US stocks ended mixed on Friday, with banking shares mostly ending lower after quarterly earnings that kicked off earnings season The Dow Jones Industrial Average rose 113.89 points, or 0.33%, to 34,509.03, while the S&P 500 eased 4.62 points, or 0.1%, to 4,505.42.
The Nasdaq composite ended 24.87 points, or 0.18%, lower at 14,113.70. Shares of JPMorgan Chase rose 0.6% and Wells Fargo eased 0.3%, while the S&P 500 banks index fell 0.9%. Both major banks reported higher quarterly profits, but said they have set aside more money for expected losses from commercial real estate loans, Reuters reported.
UnitedHealth shares jumped 7.2% after its stronger-than-expected results. Shares of other health insurers also advanced, with Humana ending up 2.5% and Cigna up 4.7%. Among other financial company reports, Citigroup shares fell 4% after the
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