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Market Review

US:

The Dow Jones Industrial Average traded lower as the major indexes sold off, wiping out all the gains from the previous trading day.

Asia:

Stocks in Asia-Pacific fell sharply in Friday trade following an overnight drop on Wall Street as a rapid rise in bond yields rattled investor sentiment.

India:

Equity benchmark indices remained parked near day's high for the better part of the day on Thursday, cooling off marginally only during the last hour of trade. Strong gains in Reliance Industries, TCS, Axis Bank, NTPC, ONGC and IndusInd Bank helped the Sensex to settle the F&O series for the month of February at 51,039 levels, up 258 points or 0.5%. Market is expected to open gap down and likely to witness negative move during the day.

Economy

Fewer Americans filed new claims for unemployment benefits last week amid falling COVID-19 infections, but the near-term outlook for the labor market is unclear after winter storms wreaked havoc in the South region in the middle of this month. Still, the decline in claims to a three-month low suggested the labor market was slowly regaining traction, in line with the broader economy, after hitting a pothole in late 2020. Initial claims for state unemployment benefits fell 111,000 to a seasonally adjusted 730,000 for the week ended Feb. 20. New orders for key U.S.-made capital goods increased for a ninth straight month in January, pointing to continued strength in business spending on equipment early in the first quarter, though the pace of growth is slowing. Orders for non-defense capital goods excluding aircraft, rose 0.5% last month. Lending to euro zone companies slowed last month as the flow of fresh credit came to a halt with the bloc back in recession and banks tightening access to credit. Lending to non-financial corporations in the 19-country euro area slowed to 7.0% in January from 7.1% month earlier, a relatively high level not far from a 10-year high of 7.4% hit in May.

Commodities:

Oil was down Friday morning in Asia, ending the week on a low note. The global market tightened as investors await an Organization of the Petroleum Exporting Countries and allies (OPEC+) meeting scheduled for the following week. Gold prices hit their lowest in a week on Friday and headed for a second straight weekly decline as higher U.S. Treasury yields sapped the appeal of non-yielding bullion.

Currency:

The U.S. dollar held gains Thursday after rebounding overnight from three-year lows following a spike in U.S. bond yields.

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