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Market Review

US:

The Dow closed above 34,000 for the first time ever Thursday, underpinned by a backdrop of surging retail sales, corporate earnings that beat estimates and a plunge in U.S. bond yields.

Asia:

Asian shares were little changed on Friday ahead of a raft of Chinese economic data, while world stocks on the whole flew at a record level, fuelled by strong U.S. economic data that may herald a solid recovery ahead.

India:

Domestic equity market benchmarks BSE Sensex and Nifty 50 ended over a half a per cent up on weekly options expiry on Thursday. BSE Sensex ended up 260 points or 0.53% at 48,804, while the broader Nifty 50 settled at 14,481. Market is expected to open on flattish note and likely to witness sideways move during the day

Economy:

China's economic recovery quickened sharply in the first quarter from a coronavirus-induced slump earlier last year, propelled by stronger demand at home and abroad and continued government support for smaller firms.

GDP jumped a record 18.3% in the first quarter from a year earlier, slower than the 19% forecast by economists and following 6.5% growth in the fourth quarter lastyear. U.S. retail sales rose by the most in 10 months in March as Americans received additional pandemic relief checks from the government and increased COVID-19 vaccinations allowed broader economic re-engagement, cementing expectations for robust growth in the first quarter.

The brightening economic prospects were underscored by other data showing first-time claims for unemployment benefits tumbled last week to the lowest level since March 2020, when mandatory closures of nonessential businesses were enforced to slow the spread of the first COVID-19 wave.

Commodities:

Oil was mixed Friday morning in Asia but is on track to record a weekly gain of more than 6%. The improving global oil demand outlook as both the U.S. and China continue to make progress in their recoveries, gave the black liquid a boost and played a part in offsetting concerns about the everrising number of global COVID-19 cases. Gold prices were steady on Friday as robust U.S. economic data nullified support from lower Treasury yields, although the metal lookedset to post a second straight weekly gain on inflationary concerns.

Currency:

The dollar headed for its worst back-to-back weekly drop this year amid a continued retreat in Treasury yields from more-than-one-year highs as investors increasingly bought into the Federal Reserve's insistence ofcontinued monetary support.

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