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Market Review

US:

The three major U.S. stock indexes rose 1% on Wednesday as investors mostly took in stride the latest signals from the Federal Reserve, including clearing the way for the central bank to reduce its monthly bond purchases soon.

Asia:

Asian shares moved higher on Thursday, supported by some positive news from struggling developer China Evergrande Group, while the dollar held near a one-month top after the U.S. Federal Reserve took a hawkish tilt overnight.

India:

Domestic equity benchmarks BSE Sensex and Nifty 50 witnessed a volatile trading session on Wednesday and closed the day flat with negative bias. Sensex slipped 78 points or 0.13% to close at 58,927 while the NSE Nifty 50 index dropped 15 points or 0.09% to close at 17,546. Market is expected to open gap up and likely to witness positive move during the day.

Global Economy:

Fitch Ratings on Thursday cut its 2021 economic growth forecast for China to 8.1% from 8.4%, citing the impact of the slowdown in the country's property sector on domestic demand. U.S. home sales fell in August as supply remained tight, but there are signs the surge in house prices and the COVID-19 pandemic-fueled demand have probably run their course. Still, prices remain high enough to keep some potential buyers from a hot housing market.

Spain registered its highest number of house sales in over 13 years in July, data published on Wednesday showed, as pent-up pandemic demand, increased household savings and new living priorities spurred a buying spree. Around 50,200 homes were sold in July, 53% more than in the same month in 2020. The July sale figures were 4% above pre-pandemic levels and approached the frenzied pace recorded during Spain's ill-fated real estate boom in 2008, when the month of April alone saw some 55,000 houses sold.

Commodities:

Oil prices rose on Thursday, extending strong gains overnight with fuel demand growing and crude stocks declining as production remains hampered in the U.S. Gulf of Mexico after two hurricanes. Gold prices dipped on Thursday after the U.S. Federal Reserve signalled easing its monthly bond purchases by next year and a sooner-than-expected interest rate hike, which could increase the opportunity cost of holding the non-yielding bullion.

Currency:

The dollar hit its highest in a month on Thursday and pressed the euro towards major support levels, after the Federal Reserve set the stage for rate hikes next year -- far sooner than its developed market peers are expected to move.

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