Market live updates today: 22 May

SGX indicates a flat to negative start; US markets fall, Asia trades flat Market LIVE Updates: SGX indicates a flat to negative start; US markets fall, Asia trades flat

US Markets

Stock futures retreated slightly on Sunday evening as traders monitored the negotiations over the US debt ceiling. Futures for the Dow Jones Industrial Average ticked down 48 points, or about 0.1 percent. S&P 500 futures dipped about 0.2 percent, and Nasdaq 100 futures also shed 0.1 percent. Stocks rose last week despite the uncertainty in Washington. The Nasdaq Composite climbed 3.04 percent, while the S&P 500 gained 1.65 percent. The Dow added 0.38 percent. President Joe Biden and House Speaker Kevin McCarthy, R-Calif., are set to meet Monday to continue negotiations. Treasury Secretary Janet Yellen has said the U.S. could default on its debt as early as June 1.

European Markets

European markets closed higher Friday as US debt ceiling talks boosted investor sentiment. The pan-European Stoxx 600 index closed up 0.77 percent, with all sectors in the green bar retail, which dipped 0.8 percent. Financial services led gains, with a 2.2 percent uptick, followed by construction stocks, which were up 1.56 percent.

German stocks extended the previous day’s gains, with the DAX index climbing 0.8 percent to close at 16,275.38, an all-time high. Tesco shares traded 0.5 percent lower after the supermarket chain said Chairman John Allan would step down at its shareholder meeting on June 16, following reported allegations of inappropriate behavior.

Asian Markets

Asia-Pacific markets traded mixed on Monday after the Group of Seven summit in Hiroshima concluded and talks on the debt ceiling are slated to resume in the US In Japan, the Nikkei 225 slid 0.11 percent and the Topix traded close to the flatline following its outperformance last week. Investors will further digest Japan’s machinery orders for March on Monday.

In Australia, the S&P/ASX 200 was marginally lower, while South Korea’s Kospi was fractionally higher. In contrast, the Kosdaq saw a loss of 0.34 percent. Hong Kong’s Hang Seng index looks to slightly fall, with futures at 19,410 compared to its close of 19,450.57. China’s 1-year and 5-year loan prime rates for May are scheduled to be released later in the day.

Oil prices

Oil prices reversed course to fall on Friday after U.S. House Republicans and President Joe Biden’s administration paused talks about raising the government’s debt ceiling, threatening a default that could cut energy demand. Brent futures settled 28 cents, or 0.8 percent, lower at $75.58 a barrel, while West Texas Intermediate U.S. crude for July expiry fell 25 cents, or 0.3 percent, to $71.69.

Dollar

The Dollar index traded 0.39 percent lower in futures at 103.19, whereas the value of one dollar hovered near Rs 82.91

Gold

Gold rallied 1 percent on Friday, recouping some losses from earlier this week, on renewed worries about the stability of the banking sector, while traders slashed bets for another interest rate hike following remarks from the US Federal Reserve chairman. Spot gold gained 1.2 percent to $1,981.79 per ounce by 12:30pm ET (1830 GMT). U.S. gold futures settled 1.1% higher at $1,981.60.

FII and DII

Foreign institutional investors (FIIs) sold shares worth Rs 113.46 crore, whereas domestic institutional investors (DIIs) bought shares worth Rs 1,071.35 crore on May 19, provisional data from the National Stock Exchange showed.