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Market Review:

US

U.S. stocks ended higher on Thursday, boosted by robust U.S. earnings and forecasts, while data showed the economy recovered to pre-pandemic levels in the second quarter.

Asia:

Asia Pacific stocks were down on Friday morning, wrapping up a volatile week. Asian stocks steadied while U.S. equity futures retreated as investors digested the latest economic data from the U.S., Japan and Australia. Risks from China’s crackdown on industries including private education at the beginning of the week also remain.

India:

Indian indices closed over 0.40% higher on Thursday buoyed by recovery in Asian markets after the Chinese government tried to allay industry fears following a spate of selloffs triggered by regulatory tightening around tech companies. The Sensex closed at 52,653.07, up 209.36 points or 0.40%, while the Nifty was at 15,778.45, up 69.05 points or 0.44%. Market is expected to open gap down and likely to witness profit booking during the day.

Global Economy:

Japan's factory output jumped in June and job availability rose to the highest level in nearly a year, a sign robust overseas demand was offsetting the drag to consumption from the coronavirus pandemic. But retail sales were largely flat in June from a year earlier, suggesting any recovery in the world's third-largest economy would be slower than other advanced nations. Industrial output increased 6.2% in June from the previous month after a sharp 6.5% drop in May, marking the highest growth since July last year and exceeding a median market forecast for a 5.0% gain.

The U.S. economy grew solidly in the second quarter, pulling the level of GDP above its pre-pandemic peak, as massive government aid and vaccinations against COVID-19 fueled spending on goods and services. Gross domestic product increased at a 6.5% annualized rate last quarter. Economists had forecast GDP rising at an 8.5% rate last quarter. The economy grew at a 6.3% rate in the first quarter, revised down from the previously reported 6.4% pace.

Commodities:

Oil was poised for a second weekly gain as investors bet the demand recovery will remain intact despite the latest Covid-19 comeback. Gold prices held near a two-week high on Friday, and were set for their biggest weekly gain in more than two months, on renewed signs that the U.S. Federal Reserve may not taper economic support and hike interest rates in the near term.

Currency:

The dollar fell to a one-month low on Thursday, a day after the U.S. Federal Reserve said the job market still had "some ground to cover" before it would be time to ease monetary stimulus, taking the steam out of a monthlong rally by the greenback.

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