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Market Review

US:

U.S. stocks rose in a late-day rally on Thursday as investors bought stocks likely to do well in the recovery and picked up beaten-down Apple and Tesla shares in anticipation that the U.S. economy grows at its fastest pace in decades this year.

Asia:

Asian markets are set to open higher on Friday after U.S. equities rose as investors weighed the outlook for economic growth and inflation and welcomed progress on vaccination rollouts.

India:

Indian stocks closed lower for the second straight session on Thursday. The Sensex closed at 48,440.12, down -740.19 points, or 1.51%,while the Nifty was at 14,324.90, down 224.50 points or 1.54%. Broader markets fared worse than the benchmark indices during the day. Market is expected to open gap up and likely to witness positive move during the day.

Global Economy:

Core consumer prices in Japan's capital city Tokyo continued to fall in March though slowed their annual pace of decline for a third consecutive month, indicating that rising fuel cost and a rebound in domestic demand will help Japan avert deflation.

The core consumer price index for Tokyo, fell 0.1% in March from the same month a year earlier, less than a median market forecast decline of 0.2%. That followed a 0.3% fall in February and compared with the steepest recent decline of 0.9% in December, with the data signalling a rebound in oil and commodities costs underpinning prices.

The number of Americans filing new claims for unemployment benefits dropped to a one-year low last week, providing a powerful boost to an economy on the verge of stronger growth as the public health situation improves and temperatures rise. But the labor market is not out of the woods yet, with the weekly jobless claims report from the Labor Department showing a staggering 18.953 million people were still receiving unemployment checks in early March. It will likely take years for a full recovery from the pandemic's scarring.

Commodities:

Oil prices bounced back on Friday from a plunge a day earlier on concerns that a large container ship that ran a ground in the SuezCanal may block the vital shipping lane for weeks, squeezing supply. Gold prices were on course for a first weekly decline in three as elevated Treasury yields and a firm U.S. dollar dented safehaven bullion's appeal even as the metal steadied on the day.

Currency:

The dollar traded near multi-month highs against most major currencies on Friday, supported by a wave of optimism over improving U.S. economic data, the rollout of coronavirus vaccines, and rising Treasury yields.

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