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Market Review

US

U.S. stocks advanced slightly on Thursday, as data showing improvement in the labor market helped bolster expectations in the economic recovery and spurred a minor rotation towards stocks seen as more likely to benefit from the rebound.

Asia

Asian stocks put global equities on course for a seventh day of gains on Friday as investors bet the U.S. will lead the world out of the COVID-19 pandemic, with the focus turning to a multi-trillion dollar spending boost by the Biden administration.

India:

The Nifty closed at a record high, while the Sensex closedabove the 51,000-mark on Thursday. Nifty ended the day at a record high of15,337.85, up 36.40 points or 0.24%, as the Sensex climbed 97.70 points, to 51,115.22. The nifty's highest close to date has been 15,431.75 on 16 February. Market is expected to open on flattish note and likely to witness sideways move during the day

Global Economy:

Japan's unemployment rate crept up and job availability slid in April, underscoring the pain the country's prolonged battle with COVID-19 is inflicting on the economy. Separate data showed core consumer prices in Tokyo fell in May, reinforcing expectations inflation will remain well below the central bank's 2% target for the time being. Japan's jobless rate rose to 2.8% in April from 2.6% in March, exceeding a median market forecast of 2.7%

The number of Americans filing new claims for unemployment benefits dropped more than expected last week as layoffs subsided, with companies desperate for workers to meet surging demand unleashed by a rapidly reopening economy. Initial claims for state unemployment benefits fell 38,000 to a seasonally adjusted 406,000 for the week ended May 22. That was the lowest since mid-March 2020 and marked the fourth straight weekly decline in applications. 

Commodities:

Oil was up Friday morning in Asia, ending the week by extending gains from the highest close in more than two years. Optimism as U.S.fuel demand continues to increase gave the black liquid a boost, even as concerns over a potential Iranian supply increase remained. Gold prices were flat on Friday, as an uptick in the dollar and U.S. Treasury yields pressured bullion, while investors awaited crucial U.S. inflation data later in the day

Currency:

The British pound held firm near a three-month high against the dollar on Friday on rising expectations of an earlier than expected rate hike by the Bank of England, while the U.S. currency looks to upcoming inflation data.

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