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Market Review:

US

U.S. stocks ended lower on Thursday, with tech shares dragging on the S&P 500 and Nasdaq, as investors balanced concerns about inflation and the Federal Reserve reining in stimulus with relief about corporate tax hikes.

Asia:

Asian stocks followed Wall Street lower on Friday as signs of a strengthening U.S. recovery boosted bets for higher inflation and an earlier tapering of Federal Reserve stimulus

India:

Benchmark Indian indices closed higher on Thursday. The Sensex closed at 52,232.43, up 382.95 points, or 0.74%, while the Nifty was at 15,690.35, up 114.15 points, or 0.73%. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Economy:

Euro zone business activity surged in May as the easing of some coronavirus related restrictions injected life into the bloc's dominant services industry.An acceleration of vaccine programmes across the region and a fall in reported daily cases has allowed governments to remove some measures imposed to stop the spread of the virus.That meant IHS Markit's final composite PMI, seen as a good gauge of economic health, jumped to 57.1 last month from April's 53.8, its highest level since February 2018.

China's services sector expansion slowed in May, a private sector survey showed on Thursday, with weaker overseas demand and increased costs putting pressure on businesses.The Caixin/Markit services PMI fell to 55.1 in May, down from 56.3 in April but still well in expansionary territory. U.S. worker productivity rebounded solidly in the first quarter, also noting that labor costs grew instead of contracting as previously reported.Nonfarm productivity, which measures hourly output per worker, increased at an unrevised 5.4% annualized rate last quarter, the Labor Department said. Productivity fell at a 3.8% rate in the fourth quarter

Commodities:

Oil prices dropped on Friday as concerns about the patchy roll-out of anti-coronavirus vaccinations around the globe tempered optimism earlier in the week that demand for fuels was recovering from the depths of the pandemic. Gold prices languished near two-week lows on Friday and looked set for their worst week in three months after robust U.S. economic data boosted the dollar and bond yields, ahead of much awaited May non-farm payroll numbers.

Currency:

The dollar was perched near multi-week highs on Friday, basking in its biggest gains in about a month after robust jobs data threw investors' focus on to the strength of the U.S. recovery and on the possibility of it driving policy tightening

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