Domestic stock markets are expected to start Friday’s session on a positive note, a day after benchmarks ended a winning streak that has lasted four days in a row. Singapore Stock Exchange Nifty Futures – an early indicator of the National Stock Exchange’s Nifty 50 benchmark added 54.45 points to hit 12,831.80 at the highest level recorded before the markets opened Indians. As of 8:44 am, SGX Nifty futures were up 49.85 points – or 0.39% – to 12,827.20.
Globally, stock markets were hit by a wave of uncertainty on Friday after US Treasury Secretary Steven Mnuchin called for an end to relief from the coronavirus pandemic for struggling companies, sparking a rare clash between the central bank and the Treasury.
In Asia, the largest MSCI index of Asia-Pacific stocks, excluding Japan, posted a gain of 0.20 percent. Japan’s Nikkei 225 benchmark fell 0.50%. South Korea’s KOSPI index was stable, Australian stocks were slightly positive, and Chinese stocks were little changed.
E-Mini S&P 500 futures slipped 0.70%, canceling out a firmer advance from a strong Wall Street session overnight.
In a letter to U.S. Federal Reserve Chairman Jerome Powell, Mnuchin said the $ 455 billion allocated to the treasury under the CARES Act should instead be available for Congress to reallocate.
Although the programs were not widely used, U.S. central bank officials felt their presence reassured financial markets and investors that credit would remain available to help businesses, local branches and even financial institutions. non-profit organizations during the pandemic crisis.
Mr Mnuchin’s move added to market concern over broader economic growth, as data shows the rapid rapid recovery after a historic fall in the US economy is fading, with more than 10 million people who had a job in January still without work.
Investor sentiment has also been affected by data showing COVID-19 hospitalizations across the United States have jumped nearly 50% in the past two weeks, threatening the recovery of the world’s largest economy. as cities and states began to impose lockdowns.
On Thursday, the Sensex finished 1.31% lower at 43,599.96 and the larger Nifty 50 down 1.29% to 12,771.70, both breaking a winning four-day run.