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Market Review

US:

US stocks finished at all-time highs Thursday as retail sales rebounded in June, easing concerns about a slowdown in consumer spending and underpinning a strong economy.

Asia:

Asian stocks made a modest gain at the open Friday as a global equity rally gained fresh vigor on strong economic data that eased concerns about the US economy. The MSCI Asia Pacific Index rose 0.2% at the open.

India:

India's benchmark equity indices pulled back on Thursday after two days of gains, weighed by heavyweights Infosys Ltd. and HDFC Bank Ltd. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

Canada’s International Trade Minister said on Thursday that there was interest from both sides to advance trade talks with South American bloc Mercosur, as Ottawa seeks new deals in a push to diversify from the U.S. Prime Minister Mark Carney and his team have been locked in talks with U.S. President Donald Trump to hash out a trade deal by August 1, which could help reduce tariffs on Canada. But his government is also preparing to rely less on a relationship that generated bilateral trade of over C$1 tn ($727.33 bn) last year and to focus on diversifying trade by signing free trade pacts globally.

The U.S. House of Representatives was struggling on Thursday to advance President Donald Trump’s proposed $9 bn funding cut to public media and to foreign aid, amid infighting among the Republican majority over issues including questions related to Jeffrey Epstein. House Republicans were poised to vote as soon as Thursday on the funding cut package, altered by the Senate this week to exclude cuts of about $400 mn in funds for an HIV/AIDS prevention program. A late-developing complication with this bill was some Republicans’ demands to add an amendment calling for more transparency into the investigation of the deceased financier and convicted sex offender Epstein.

Commodities:

Oil held a gain after US data showed the world’s largest economy holding up despite the fallout from the Washington-led trade war, while crude market metrics pointed to near-term tightness.

Gold was flat in early Asian trade on Friday, heading for a weekly fall, weighed down by an overall stronger dollar and solid U.S. economic data.

Currency:

The dollar headed for a second straight weekly gain against major peers, buoyed by some solid U.S. economic data that supported the view the Federal Reserve can afford to wait a while longer before cutting interest rates again.

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