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Market Review:

US

U.S. stocks were higher after the close on Wednesday, as gains in the Oil & Gas, Telecoms and Utilities sectors led shares higher.

Asia:

Asian shares were a touch below a recent three-month top on Thursday with China a tad weaker as investors weighed inflation concerns ahead of key U.S. economic data while oil prices rose to near 1-1/2 year highs.

India:

Indian equity indices, Sensex and Nifty recouped losses to end flat on Wednesday. Broader markets outperformed the benchmarks as the midcap and smallcap indices closed over a percent higher each. Among sectors, strong gains were seen in PSU Banks, metals, auto and realty indices, while Nifty FMCG and Nifty IT ended in the red. Market is expected to open gap up and likely to witness positive move during the day

Economy:

China's services sector expansion slowed in May, with weaker overseas demand and increased costs putting pressure on businesses.The PMI fell to 55.1 in May, down from 56.3 in April but still well in expansionary territory. Euro zone producer prices rose more than expected in April, boosted by a surge in energy prices.Eurostat said prices at factory gates in the 19 countries sharing the euro rose 1.0% month on month for a 7.6% year-on-year increase. Australia's economy raced ahead last quarter as consumers and businesses spent with abandon, lifting output back above where it was last year when pandemic lockdowns tipped the country into its first recession in three decades.The economy expanded by a real 1.8% in the three months to March following an upwardly revised 3.2% gain in the fourth quarter. British mortgage lending slumped in April as a government decision to prolong a tax break on property sales came too late to influence buyers that month, but housing market activity looks on course to rebound.Net mortgage lending by British lenders slumped in April to 3.3 billion pounds ($4.7 billion) from a record 11.5 billion pounds the month before.

Commodities:

Oil extended gains as signs of a demand recovery from the U.S. to Europe stoke optimism among producers and analysts in the crude market. Gold prices hovered near five-month highs on Thursday, supported by a pullback in U.S. Treasury yields, while investors looked ahead to key U.S. economic data later this week.

Currency:

The U.S. dollar was wavering above major support levels on Thursday, as traders awaited a batch of U.S. economic data that could set the tone at central bank meetings later this month.

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