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Market Review:

US

The S&P 500 fell Thursday, as upbeat quarterly results from corporates weren't enough to shake the broader market out of its malaise ahead of data due Friday expected to show a rebound in retail sales .

Asia:

Asia Pacific stocks were mostly down on Friday morning, as ongoing concerns about the economic recovery from COVID19 ended the week on a sour note.

India:

Market bulls lifted indices to fresh record highs on Thursday as investors bought realty and IT stocks. The frontline S&P BSE Sensex index ended at new closing peak of 53,159 levels, up 255 points or 0.48 % while the Nifty50 index shut shop at 15,924-mark, up 74 points or 0.47 %. Earlier in the day, the Sensex scaled new lifetime of 53,266 and the Nifty touched 15,952. Market is expected to open on a flattish note and likely to witness positive move during the day

Economy:

The number of Americans filing new claims for unemployment benefits fell to a 16-month low last week as the labor market steadily gains traction, but worker shortages are frustrating efforts by businesses to ramp up hiring to meet strong demand for goods and services. Initial claims for state unemployment benefits fell 26,000 to a seasonally adjusted 360,000 for the week ended July 10, the lowest level since midMarch 2020,. Data for the prior week was revised to show 13,000 more applications received than previously reported. China's economy grew slightly more slowly than expected in the second quarter, weighed down by higher raw material costs and new COVID-19 outbreaks, as expectations build that policymakers may have to do more to support the recovery. GDP expanded 7.9% in the April-June quarter from a year earlier.

Output at U.S. factories unexpectedly fell in June as motor vehicle production dropped amid an unrelenting global semiconductor shortage.Manufacturing output dipped 0.1% last month after accelerating 0.9% in May

Commodities:

Oil headed for the biggest weekly decline since mid-March as a resurgence of Covid-19 in some parts of the world and uncertainty around the prospect for an OPEC+ deal to boost supply clouded the short-term outlook. Gold prices on Friday were headed for the fourth straight weekly gain, as investors took comfort from Federal Reserve Chair Jerome Powell’s stance that the U.S. central bank would continue to support the economy and inflation will be transitory.

Currency:

The U.S. dollar advanced on Thursday, recovering much of the ground lost in the prior session after the head of the Federal Reserve told Congress he saw no need to rush the shift towards tighter post-pandemic monetary policy.

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