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Market Review

US:

The Dow Jones and Nasdaq composite trimmed losses and traded off intraday lows, but ultimately closed lower on thursday. At the close, the Dow Jones Industrial Average was down 0.8% as the S&P 500 held a loss of 0.9%. The Nasdaq was down 1.3%, with tech stocks remaining under pressure. Small caps fared the best, with the Russell 2000 down 0.6%.

Asia:

Asian markets are trading with a negative bias on Friday morning.

India: 

Indian share markets traded in a rangebound fashion throughout the day today to end flat. Benchmark indices gave up early gains and slipped into red owing to weakness in auto, and IT stocks. At the closing bell, the BSE Sensex stood lower by 8 points. Meanwhile, the NSE Nifty closed lower by 19 points (down 0.1%). Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

China's manufacturing activity expanded at its fastest in 13 months in June, buoyed by a strong rebound in output, as the lifting of COVID lockdowns sent factories racing to meet recovering demand. The Caixin/Markit manufacturing purchasing managers' index (PMI) rose to 51.7 in June, also indicating the first expansion in four months, from 48.1 in the previous month. That was well above analysts' expectations for an up-tick to 50.1. Economic activity has sped up in June since various COVID lockdowns have been rolled back as COVID-19 cases fell, with a range of support measures unveiled by the State Council in late May to stabilise growth gradually kicking in.

The mood among Japan's big manufacturers' soured for a second straight quarter in the three months to June hit by rising input costs and supply disruptions caused by China's strict COVID-19 lockdowns. The tankan's headline index gauging big manufacturers' mood slipped to plus 9 in June from plus 14 in March, hitting the lowest level since March 2021. It compared with a median market forecast of plus 13.

Commodities:

Oil prices edged up in early trade on Friday, after sinking in the previous session as OPEC+ said it would stick to its planned oil output hikes in August and investors worried about the strength of the global economy. Gold prices edged lower on Friday, and were on track for a third straight weekly decline, as rising U.S. Treasury yields weighed on demand for zero-yield bullion.

Currency:

The dollar edged higher as investors grow increasingly nervous about the global economic outlook.

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