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Market Review

US:

Stocks on Wall Street closed lower on Thursday as investors shifted out of big technology names, while an unexpected rise in weekly U.S.jobless claims pointed to a fragile recovery in the labor market.

Asia:

Asian stocks pulled back from all-time peaks on Friday as higher longer-dated bond yields and underwhelming U.S. data dented investorconfidence in a faster economic recovery from the COVID-19 pandemic, while goldhit a seven-month trough.

India:

Equity indices buckled under selling pressure for the third straight session on Thursday as risk appetite remained subdued amid a bearish trend overseas. The 30-share BSE Sensex slumped 379.14 points or 0.73% to close at 51,324.69. HDFC twins and ICICI Bank accounted for over half of the benchmark's losses. The broader NSE Nifty tumbled 89.95 points or 0.59% to 15,118.95. Market is expected to open gap down and likely to witness negative move during the day.

Economy:

Japan's core consumer prices fell 0.6% in January from a year earlier, marking the sixth straight month of annual declines, as the coronavirus pandemic keeps the economy under deflationary pressure. The data is likely to reinforce market expectations the Bank of Japan will keep monetary settings ultra-loose for a long period to help the economy emerge from the pandemic's damage. The drop in the CPI, which includes oil products but excludes volatile fresh food prices, compared with a median market forecast for a 0.7% fall and followed a 1.0% decline in December.

The number of Americans filing first-time applications for unemployment benefits unexpectedly increased last week, raising the possibility of a second straight month of tepid job growth despite declining new COVID-19 infections. The weekly unemployment claims could add impetus to President Joe Biden's push for a $1.9 trillion package to aid the recovery from the pandemic.

Commodities:

Oil prices slid as much as 2% in early trade on Friday, adding to overnight declines, on worries that refineries shut by a big freezein the U.S. South will take some time to revive operations and dent crude demand. Gold prices fell to their lowest in nearly three months on Friday and headed for their worst week since end-November, as recent strength in U.S. Treasury yields dented the non-yielding metal's appeal.

Currency:

The dollar was up on Friday morning in Asia, clawing back some losses. The U.S. currency saw its biggest losses in ten days afte rdisappointing U.S. labor data finally dented recent optimism for the country’squick economic recovery from COVID-19.

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