Market is expected to open on a flattish note and likely to witness range bound move during the day - Nirmal Bang Ltd
Market Review
US:
The S&P 500 and Nasdaq Composite pulled back from fresh all-time intraday highs on Thursday, with both indexes taking a breather from their gains in the previous session as the U.S. government shutdown continues on
Asia:
Asian stocks limped towards the end of the week on a shaky footing on Friday as declines on Wall Street lingered into early trading, while commodity markets took a breather after their recent charge higher.
India:
The benchmark indices slightly underperformed in comparison to the broader market indices on Thursday. Market is expected to open on a flattish note and likely to witness range bound move during the day.
Global economy:
The number of Americans filing new applications for unemployment benefits increased again last week, hinting at some early layoffs of contractors related to the U.S. government shutdown. Initial claims for state unemployment benefits rose to a seasonally adjusted 235,000 for the week ending October 4 from 224,000 the prior week.
England’s wheat harvest for 2025 reached 10.6 million metric tons, representing a 4.9% increase from the previous season. The growth in wheat production was primarily attributed to an 8.8% expansion in planted area, which totaled 1.5 million hectares. Despite this increase in acreage, the average yield fell by 3.6% to 7.0 tons per hectare.
German exports fell by 0.5% in August compared to the previous month. The export decline was worse than expected, as economists had forecast a 0.3% increase for the month. The August export data represents a setback for Europe’s largest economy, which has been facing various economic challenges
Commodities:
Oil prices were little changed in early Asian trade on Friday after falling more than 1% in the previous session, as the market's war risk premium faded after Israel and Hamas agreed to the first phase of a plan to end the war in Gaza.
Gold edged higher on Friday and headed for its eighth straight weekly gain, as lingering geopolitical and economic uncertainty alongside expectations for interest rate cuts from the U.S. Federal Reserve boosted demand for bullion.
Currency:
The yen was set for its steepest weekly drop in a year on Friday, as investors fretted about fast-receding chances of another rate hike this year while comments from Japan's likely next prime minister failed to soothe market jitters.
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