Asian stocks rose on Thursday, extending a rebound in global markets following a sharp selloff earlier this week - Nirmal Bang
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Market Review
US:
U.S. stocks were higher after the close on Wednesday, as gains in the Basic Materials, Oil & Gas and Financials sectors led shares higher
Asia:
Asian stocks rose on Thursday, extending a rebound in global markets following a sharp selloff earlier this week, while oil prices eased again on worries about rising COVID-19 cases in some parts of the world.
India:
The Sensex was at 47,705.80, down 243.62 points, or 0.51%, while the Nifty was at 14,296.40, down 63.05 points, or 0.44%. Among broader indices, both the BSE midcap and smallcap indices closed 0.49% higher. The Nifty midcap100 and smallcap100 closed 0.30% and 1% lower, respectively. Market is expected to open gap down and likely to witness sideways move during the day.
Economy:
Canada's annual inflation rate doubled to 2.2% in March, as the central bank signaled economic slack would likely be absorbed earlier than it had previously forecast. Previously, the Bank of Canada had said it would be 2023 before inflation returned sustainably to its 2% target. On Tuesday, the central bank said it would happen in the second half of next year. In the meantime, inflation would temporarily breach its target, the bank said.
President Joe Biden on Wednesday announced tax credits for certain businesses that pay employees who take time off to get COVID-19 shots, a new effort to involve corporate America in his vaccination campaign
Britain's unemployment rate unexpectedly fell for a second month in a row to 4.9% in the December-to-February period, most of which the country spent under a tight COVID-19 lockdown
Commodities:
Oil prices fell for a third day on Thursday as a surprise build in U.S. crude inventories and a resurgence of COVID-19 cases in India and Japan raised concerns that a recovery in global economy and fuel demand may slow. Gold prices rose on Thursday to hover near an eight-week high touched in the last session, as a sagging dollar and weaker U.S. Treasury yields boosted the metal's appeal, while palladium held close to an all-time high hit in the previous session.
Currency:
Gold prices rose on Thursday to hover near an eightweek high touched in the last session, as a sagging dollar and weaker U.S. Treasury yields boosted the metal's appeal, while palladium held close to an all-time high hit in the previous session.
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