Asian stocks opened slightly higher after U.S. indicesgained on positive economic data - Nirmal Bang
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Market Review
US
The Dow Jones Industrial Average closed at a record high onThursday, bolstered by an upbeat weekly jobless claims report, while vaccinemakers dipped after U.S. President Joe Biden backed plans to waive patents onCOVID-19 shots.
Asia
Asian stocks opened slightly higher after U.S. indicesgained on positive economic data. Shares edged up in Japan, South Korea and Australia
India
On the day of the weekly expiry of index options,Nifty/Sensex closed at the highest point of the day. Auto and Technology stockslifted the market sentiment heavily. Due to the follow-up buying, we saw arecovery in the metal stocks from lower levels. Equity gauges Sensex and Niftynotched up gains for the second straight session. Market is expected to open gap up and likely to witness positive move during the day.
Global Economy:
The number of initial claims for jobless benefits in US dropped toa new post-pandemic low last week in a further sign that the economic recoveryis gaining strength. Initial claims fell to 498,000 from an upwardly revised590,000 the week before. Analysts had expected a figure of 540,000. Therevision to last week's figures all but neutralized the positive 'surprise' onthis week's number Demand for workers from British employers soared this monthat the fastest rate since the late 1990s as much of the economy reopenedfollowing the latest coronavirus lockdown. The monthly index of demand forstaff from the Recruitment and Employment Confederation (REC) and accountantsKPMG rose this month to its highest level in just over 23 years. Permanentstaff placements grew at the fastest rate since October 1997.
Commodities:
Oil prices edged up in early Asian trade after a 1% dip inthe previous session, as global economic recovery and easing travel curbs inthe United States and Europe buoyed the fuel demand outlook while the surgingpandemic in India capped prices. Gold prices on Friday hovered near a 2-1/2-month high, aidedby a pullback in the dollar and Treasury yields as investors cautiously awaitU.S. non-farm payrolls data for further cues on the health of the world'sbiggest economy.
Currency:
The dollar stayed under modest pressure on Friday ahead of a key U.S. jobs report that could cement expectations of a strong economic recovery and fan investor appetite for stocks, higher-yielding currencies and commodities.
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