Live Market Updates: 30 May

The SGX Nifty indicates a flat start for the broader index with a loss of 5.5 points on Tuesday. SGX futures stood at 18,694.

US Markets

Stock futures looked up on Monday night after the Biden administration and Republican lawmakers reached a tentative deal on raising the US debt ceiling. Futures tied to the Dow Jones Industrial Average added 72 points, or 0.2 percent, while S&P 500 futures gained 0.3 percent. Nasdaq-100 futures climbed 0.5 percent.

President Joe Biden and House Majority Leader Kevin McCarthy reached an agreement to raise the debt ceiling and avoid a default over the weekend, with Congress set to vote on the legislation as early as Wednesday. Lawmakers have not signaled that they intended to return to Capitol Hill early to work on the deal. Both Republican and Democratic support is needed for the bill agreement to pass.

European Markets

European stock markets were mixed Monday after U.S. President Joe Biden and House Speaker Kevin McCarthy reached a deal to raise the nation’s debt ceiling. Germany’s DAX and France’s CAC 40 shed early gains to close down 0.2 percent, while the Stoxx 600 closed 0.1 percent lower. Sectors ended the reduced trading day mostly close to the flatline, with oil and gas stocks among those closing marginally higher, up 0.2 percent, as tech fell 0.7 percent.

Asian Markets

Asia-Pacific markets are mixed on Tuesday with a vote looming ahead on the tentative US debt ceiling deal reached between President Joe Biden and House Majority Leader Kevin McCarthy over the weekend, avoiding a default for the US economy. The US Congress is set to vote on the legislation as early as Wednesday. Lawmakers have not signaled that they intended to return to Capitol Hill early to work on the deal. Both Republican and Democratic support is needed for the bill agreement to pass.

In Japan, the Nikkei 225 opened 0.36 percent higher, but the Topix inched down 0.18 percent, as the country saw its unemployment rate come down slightly to 2.6 percent in April from 2.8 percent in March. South Korea’s Kospi returned from a public holiday and saw a strong start at 0.92% up, while the Kosdaq saw a gain of 0.65 percent.

In Australia, the S&P/ASX 200 opened close to the flatline. Hong Kong stocks meanwhile are set to touch new lows for the year, with Hang Seng index futures at 18,522, headed to mark a fifth straight session of losses. The HSI last closed at 18,551.11 on Monday.

Oil prices

Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world’s largest economy and oil consumer, although concerns about further interest rate hikes capped gains. Brent crude futures climbed 66 cents, or 0.9 percent, to $77.61 a barrel by 0247 GMT, while U.S. West Texas Intermediate crude was at $73.42 a barrel, up 75 cents, or 1 percent.

Dollar

The Dollar index traded 0.05 percent higher in futures at 104.26, whereas the value of one dollar hovered near Rs 82.62

Gold

Gold prices edged lower on Monday as a tentative deal sealed over the weekend to suspend the U.S. debt ceiling coupled with jitters around higher-for-longer interest rates dampened demand for the non-yielding metal. Spot gold was down 0.1 percent at $1,944.09 per ounce by 0252 GMT, hovering near two-month lows hit on Friday. U.S. gold futures were listless at $1,943.30.

FII and DII

Foreign institutional investors (FIIs) bought shares worth Rs 1758.16 crore, while domestic institutional investors (DIIs) purchased shares worth Rs 853.57 crore on May 29, provisional data from the National Stock Exchange showed.

With inputs from Reuters and other agencies.