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SGX Nifty to banking crisis global market triggers for Indian equities

Global Market Update: Notwithstanding a settlement that was reached over the weekend to save Credit Suisse and First Republic Bank, concerns of a further spread of the baking issue still exist. Monday’s opening of Asian stocks was neutral. The US Federal Reserve, which will make its monetary policy announcement on March 22, is the center of attention right now.

The following are the main worldwide market catalysts that could currently influence the Indian market:

Asia Market

Despite trading being tense and turbulent due to concerns about contagion driving financial shares higher, a weekend rescue deal for Credit Suisse buoyed Asian markets on Monday and U.S. futures. According to Reuters, damaged.

UBS-Credit Suisse rescue deal

UBS is purchasing ailing rival Credit Suisse for around $3.25 billion in an effort to stop additional market upheaval in the global banking sector.

In an all-share transaction that involves extensive government guarantees and liquidity protections, the Swiss bank is paying 3 billion francs ($3.3 billion) for its competitor. The value of a Credit Suisse share decreased by 99% from its peak in 2007.

sgx nifty

Axis Nifty Almost 80 points had been lost in Nifty futures trade from Friday’s close. This denotes a market opening in the red for India.

US FOMC Meet

The policy rate decision will be made at the conclusion of the upcoming Federal Open Market Committee (FOMC) meeting on March 21 and 22. The market anticipates a 25 basis point rate increase this time, down from a 50 basis point increase previously, in response to the problem at Silicon Valley banks Signature Bank and Credit Suisse.

Investors will be keeping an eye out for any remarks the Fed makes regarding the financial crisis.

Gold, crude oil rate today

After dropping 12% last week, crude oil was up, and copper futures were also up. As trade for the week came to an end, gold, which had benefitted from the unrest by rising to $2,000 an ounce, declined as much as 0.7%, according to Reuters.

US Market

After being reduced to junk status by S&P Global Inc. a few days prior, First Republic Bank was downgraded once more on Sunday. According to Bloomberg, S&P stated it had lowered First Republic’s long-term issuer credit rating from BB to B.

As the Credit Suisse issue developed, the US market ended Friday’s trading day down. The Nasdaq fell 0.7%, while the S&P 500 fell 1.1%.

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