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Market Review

US:

U.S. stocks were higher after the close on Thursday, as gains in the Oil & Gas, Financials and Industrials sectors led shares higher.

Asia:

Asia Pacific stocks were mostly down on Friday morning, as concerns about the impact from China Evergrande Group's financial woes still linger.

India:

Indian equities scaled record highs in a broad-based market rally on Thursday. The Sensex jumped 960 points to close at 59,887, just 100 points shy of 60,000. Market is expected to open on flattish note and likely to witness sideways move during the day.

Global Economy:

The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, boosted by surges in California and Virginia, but the underlying trend remained consistent with a steadily recovering labor market. The second straight weekly increase in jobless claims puzzled economists. Some pointed a finger at the wildfires in California, while others blamed Hurricane Ida, which devastated U.S. offshore energy production in late August.

Initial claims for state unemployment benefits increased 16,000 to a seasonally adjusted 351,000 for the week ended Sept. 18. Economists polled by Reuters had forecast 320,000 applications for the latest week. U.S. business activity expanded at its slowest pace in a year in September amid relentless supply constraints and peaking demand, in line with expectations for a sharp slowdown in economic growth in the third quarter. The U.S. Composite PMI Output Index, fell to 54.5 this month. That was the lowest reading since September 2020 and followed 55.4 in August.

Commodities:

Oil prices rose for a fourth day on Friday, taking Brent towards three-year highs, as investors focused on tighter supplies amid strong appetite for riskier assets like crude and high hopes for recovery from the pandemic. Gold prices edged higher on Friday after falling more than 1% in the previous session, helped by a subdued dollar, although Federal Reserve’s plans on reducing stimulus to the U.S. economy kept the bullion on track for a third straight week of declines.

Currency:

The dollar wallowed near its lowest level in a week versus major peers on Friday, as improved risk sentiment wiped out recent gains amid easing concerns about contagion from a potential China Evergrande Group default.

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