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Market Review

US:U.S. stocks closed lower Thursday to cap a turbulent session after the Federal Reserve’s latest policy announcement and subsequent remarks from Chair Jerome Powell sent markets into disarray.

Asia: Asia-Pacific shares fell on Friday as investors continue to weigh the Federal Reserve’s aggressive stance. In Australia, the S&P/ASX 200 fell 1.56% on its return to trade after a holiday on Thursday. South Korea’s Kospi dipped 1.59% and the Kosdaq declined 2.19%.

India::BSE Sensex fell 337 points to close at 59,120 after recouping half of the losses from the day's low, while the Nifty50 declined 89 points to 17,630

Market is expected to open gap down and likely to witness selling pressure during the day.

Global Economy: The Bank of England raised its key interest rate by half a percentage point to 2.25% on Thursday and said it would continue to "respond forcefully" to inflation as needed, even though the British economy is probably in a shallow recession already.

U.S. 30-year fixed-rate mortgages rose to 6.29% on Thursday. Last week, rates averaged 6.02%. A year ago, home buyers enjoyed rates of 2.88%.The Federal Reserve's aggressive monetary policy tightening, including a 75 basis point hike announced on Wednesday, has weakened the housing market considerably

Commodities: 

Gold prices steadied on Friday, and were set to end the week largely unchanged as selling pressure from a hawkish Federal Reserve appeared to have eased.

Oil prices rose slightly on Friday, but were set to lose for a fourth straight week as concerns over headwinds from rising interest rates outweighed expectations that crude supply will tighten due to the Russia-Ukraine conflict.

Currency: A dollar gauge held near a record high after a day of dramatic moves in currency markets that saw Japan intervene to prop up the ailing yen for the first time since 1998.

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