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Market Review

US: The Dow Jones Industrial Average closed lower. The Nasdaq was the top performing index once again, but closed off highs despite gaining 0.3%. The S&P 500 also pared gains, finishing virtually flat. Small caps outperformed, despite the weakness in financials. The Russell 2000 squeezed out a gain of 0.7%.

Asia: Shares in Asia-Pacific were mixed in Thursday trade as Australia reported a higher-than-expected trade surplus in July.

India: The benchmark S&P BSE Sensex ended at 57,338 levels, down 214 points or 0.4% while the Nifty50 index shut shop at 17,076, down 56 polints or 0.3%. Earlier in the day, the indices had hit new lifetime highs of 57,919 and 17,226 levels, respectively. The broader markets, on the flipside, outperformed and ended higher. The BSE MidCap index added 0.9% on the BSE and the BSE SmallCap index rose 0.2%. Market is expected to open on a flattish note and likely to witness sideways move during the day

Global Economy: Global factory activity lost momentum in August as the ongoing coronavirus pandemic-disrupted supply chains, raising concerns faltering manufacturing would add to economic woes caused by slumping consumption. Many firms reported logistical troubles, product shortages and a labour crunch which have made it a sellers' market of the goods factories need, driving up prices. Final manufacturing Purchasing Managers' Index (PMI) fell to 61.4 in August from July's 62.8.

Euro zone unemployment fell as expected in July as 350,000 people found jobs compared to the previous month. Unemployment rate in the 19 countries sharing the euro fell to 7.6% of the workforce. Spain and Greece remained the two EU countries with the highest unemployment rate, with 14.3% and 14.6% respectively, but there, too, the number of jobless fell sharply.

Commodities: Oil prices fell on Thursday after OPEC+ agreed to keep its policy of gradually returning supply to the market at a time when coronavirus cases around the world are surging and many U.S. refiners, a key source of crude demand, remained offline.

Gold prices held steady on Thursday ahead of the U.S. non-farm payrolls data that is crucial to the Federal Reserve's tapering plan, even as a private payrolls report missed expectations.

Currency: The dollar loitered around multi-week lows on Thursday, pressured by softer-than-expected U.S. labour data as traders awaited a fuller jobs readout, which is expected to guide the timing of Federal Reserve's pullback in bond buying.

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