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Market Review

US:

Wall Street ended sharply lower on Thursday and the S&P 500 posted its worst month since the onset of the global health crisis, following a tumultuous month and quarter wracked by concerns over COVID-19, inflation fears and budget wrangling in Washington.

Asia:

Asian equities followed Wall Street sharply lower and bonds rallied on Friday as risk sentiment soured amid growing worries that inflation may persist even after global growth has peaked.

India:

Benchmark equity indices closed with losses on the monthly futures & options expiry session, marking the third straight day of losses. S&P BSE Sensex ended 286 points or 0.48% lower at 59,126 while the NSE Nifty 50 dropped 93 points or 0.53% to close at 17,618. Market is expected open gap down and likely to witness selling pressure during the day.

Economy:

Chinese new-home prices in September rose at the slowest pace since March 2020 as the property market softened further amid a sustained crackdown on speculation including caps on home purchase. New-home prices in 100 cities rose 0.14% in September from a month earlier, down from 0.2% growth in August, according to data from China Index Academy, one of the country's largest independent real estate research firms. Hong Kong's retail sales climbed for the seventh straight month in August, helped by a stabilising COVID-19 situation, an improved labour market and economic recovery and thanks to a boost from a consumption voucher scheme (CVS). Retail sales in August rose 11.9% from a year earlier to HK$28.6 billion ($3.67 billion), government data showed on Thursday. August's increase compared with a revised 2.8% growth in July

Commodities:

Oil prices dropped on Friday on the prospect that the OPEC+ supplier alliance might step up a planned increase in output to ease supply concerns, with soaring gas prices spurring power producers to switch from gas to oil. Gold prices eased on Friday after rallying to a one-week high above the key $1,750 level in the previous session, as the dollar rebounded and made the metal expensive for holders of other currencies.

Currency:

The dollar began the last quarter of 2021 near its highest levels of the year and headed for its best week since June, as currency markets braced for U.S. interest rates to rise before those of major peers.

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