Domestic stock markets are likely to start Friday’s session on a positive note, a day after benchmark indices halted a winning streak that lasted four days in a row. The Singapore Exchange Nifty futures – an early indicator of the National Stock Exchange’s Nifty 50 benchmark index added 54.45 points to touch 12,831.80 at the strongest level recorded ahead of the opening of Indian markets. At 8:44 am, the SGX Nifty futures traded up 49.85 points – or 0.39 per cent – at 12,827.20.
Globally, equity markets were struck by a wave of uncertainty on Friday after US Treasury Secretary Steven Mnuchin called for an end to coronavirus pandemic relief for struggling businesses, sparking a rare clash between the central bank and Treasury.
In Asia, MSCI’s broadest index of Asia-Pacific shares excluding Japan eked out a 0.20 per cent gain. Japan’s Nikkei 225 benchmark dropped 0.50 per cent. South Korea’s KOSPI index was flat, Australian shares were mildly positive, and Chinese shares little changed.
The E-Mini S&P 500 futures slipped 0.70 per cent, cancelling out a firmer lead from a strong Wall Street session overnight.
In a letter to US Federal Reserve Chair Jerome Powell, Mr Mnuchin said the $455 billion allocated to Treasury under the CARES Act should be instead available for Congress to reallocate.