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Market Review

US: U.S. stocks were mixed after the close on Thursday, as gains in the Consumer Goods, Technology and Consumer Services sectors led shares higher while losses in the Basic Materials, Oil & Gas and Utilities sectors led shares lower

Asia: Most Asian share markets were subdued on Friday and the dollar held onto its gains from safe-haven flows, after soft economic data from U.S. and China magnified concerns of a global slowdown, although Japanese stocks outperformed

India: Indian equity ended flat with negative bias on the weekly expiry day, as traders restrained from taking any long position ahead of macro-economic data i.e. CPI for the month of April and IIP scheduled to be release on May 12, 2023.

Market is expected open gap down and likely to witness profit booking during the day.

Global Economy: The Bank of England raised its key interest rate by a quarter of a percentage point to 4.5% on Thursday and Governor Andrew Bailey said the British central bank would "stay the course" as it seeks to curb the highest inflation of any major economy. The BoE is no longer predicting a recession after it made the biggest improvement to its growth projections since it first published forecasts in 1997. But it now expects inflation - which remained above 10% in March - to fall more slowly than it had hoped, mostly due to unexpectedly big and persistent rises in food prices. It also saw stronger wage growth than it previously thought.

US prices of baby food and formula jumped by the most on record to an all-time high last month, data from the Bureau of Labor Statistics showed Wednesday.Prices in the category rose by 4.3% in April from the prior month. From a year ago, they are up 8.8%.Parents across the US had to cope with soaring prices of baby formula during the pandemic as supply-chain disruptions and contamination concerns led to out-of-stock rates of above 70% and prompted the White House to intervene. Shortages have since eased, but prices remain above pre-pandemic levels. Several factors could be influencing prices. Last year, the Biden administration suspended tariffs on imported infant formula to keep costs low as shortages persisted, but the waiver expired in December. Lawmakers warned that could send prices soaring.

Commodities: Gold prices steadied on Friday after reversing all their gains this week as sticky U.S. inflation data saw markets reassess their expectations for rate cuts from the Federal Reserve

Oil prices fell further on Friday after wiping out all of their gains for the week, as disappointing economic signals from China and concerns over a potential U.S. recession cast doubts over crude demand this year.

Currency: The U.S. dollar was clinging close to a more than one week peak on Friday as a slew of data overnight pointed to a slowing U.S. economy, with investors betting that the Federal Reserve will further pause its interest rate increases.

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