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Market Review

US:

The Nasdaq notched a record high close on Friday in a mixed trading session, lifted by Microsoft as investors looked ahead to the Federal Reserve's policy meeting next week, when it is widely expected to cut interest rates to counter a slowdown in the jobs market.

Asia:

Asian equities were mixed during early trading on Monday, with the benchmark in South Korea up while Australia and Hond Kong dipped. Japan is closed for a holiday.

India: Indian markets closed higher on Friday, with Nifty 50 rising for an eighth consecutive session, supported by softer U.S. labor data, potential Fed rate cuts, and progress in U.S.- India trade talks. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global:

Chinese industrial production grew less than expected in August as the country’s key manufacturing sector remained under pressure from softening overseas demand amid steep U.S. trade tariffs. Industrial production grew 5.2% year-on-year in August. The print was weaker than expectations that growth would remain steady at the 5.7% pace seen in July.

Asking prices for homes put up for sale in Britain this month showed an annual decline for the first time since January 2024 while average rents increased at the lowest annual rate in four years. Prices for property put on sale during Rightmove’s September period - which runs from August 10 to September 6 - were 0.1% lower than for property marketed a year earlier. Although there was a 0.4% rise in asking prices compared with a month earlier, this was a smaller rise than normal for the time of year and followed falls in the previous three months. Other measures of Britain’s property sector have also shown a slowdown in house price growth and demand.

Commodities:

Oil prices were little changed on Monday as investors assessed the impact of Ukrainian drone attacks on Russian refineries that could disrupt its crude and fuel exports, while also eyeing U.S. fuel-demand growth.

Gold prices held steady on Monday, hovering near a record high, as investors focused on the U.S. Federal Reserve meeting this week, where policymakers are expected to announce a rate cut following consecutive weak labor market reports.

Currency:

The dollar held steady on Monday ahead of a pivotal week filled with central bank decisions led by the Federal Reserve, while the euro hardly reacted to Fitch's downgrade of France's credit rating.

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