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Market Review

US:

The Nasdaq and S&P 500 eked out modest gains on Thursdaywith investors betting on more fiscal stimulus, but U.S. President Joe Bidensaid China was poised to "eat our lunch," a warning that temperedenthusiasm for a market near record highs.

Asia:

Asian shares hovered just below a record high on Friday asmixed U.S. economic data caused some investors to show restraint after a globalstock market rally pushed many bourses to dizzying heights. Many bourses shutfor Lunar New Year

India:

Indian stock market benchmark Sensex ended at fresh closinghigh, reversing a two-session slide. Strong gains in market heavyweightReliance Industries, which surged 4%, and other stocks like HUL, Bajaj Finance,Sun Pharma propelled gains. Broader BSE midcap and smallcap indices rallied0.5% and 1% respectively. Market is expected to open on flattish note and likelyto witness sideways move during the day.

Global Economy:

The number of Americans filing new applications forunemployment benefits fell slightly last week as the labor market continued totread water, but a drop in new COVID-19 cases has raised cautious optimism thatmomentum could pick up by the spring. The weekly unemployment claims, alsohighlighted labor market scarring, with over 20 million people collectingunemployment checks in late January.

Greece is preparing new measures to attract family officesoffering dedicated wealth management services to ultrarich clients, as itseeks to overhaul its image as an investment destination. The centre-rightgovernment's reform plans were disrupted by the coronavirus pandemic last year,but Prime Minister Kyriakos Mitsotakis has announced steps including specialtax breaks to attract foreign investors and lure highly qualified Greekexpatriates back home.

Commodities:

Oil prices fell a second day on Friday, extending lossesafter OPEC cut its demand forecast and the International Energy Agency said themarket was still over-supplied. Gold held steady on Friday as investors awaited freshcatalysts, although prices were on track to post their best week in three,helped by a weaker dollar.

Currency:

The dollar headed for its first losing week in three as newsigns of weakness in the U.S. jobs market dented investor expectations aboutthe pace of a pandemic recovery.

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