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Market Review

US: U.S. stocks rose Thursday and the Dow Jones Industrial Average notched a fifth consecutive day higher after strong results from retailers lifted sentiment across the market.

Asia: Shares in Asia-Pacific rose in Friday morning trade, with investors monitoring shares of Alibaba in Hong Kong after the Chinese tech giant posted better-than-expected fourth-quarter earnings on Thursday.

India: Domestic indices danced to the tunes of global sentiment, rising and falling in tandem with US futures all through the day. The S&P BSE Sensex traded in a broad range of 921 points as it hit a high and low of 54,346 and 53,425, respectively.

Market is expected to open gap up and likely to witness positive move during the day.

Global Economy: The U.S. economy shrunk by slightly more than initially estimated in the first quarter of the year. Gross domestic product contracted at an annualized pace of 1.5%, rather than the 1.4% preliminary reading. The gloomy revision was offset slightly by a small positive surprise on more timely data on jobless claims. The number of people making initial claims for jobless benefits fell to 210,000 from 218,000 the previous week.

Japan's net external assets hit a record amount in 2021, retaining its position as the top creditor for 31 years in a row, likely bolstering the yen's status as a safe-haven asset despite its recent weakening. The net value of assets held by the Japanese government, businesses and individuals stood at a record high of 411 trillion yen ($3.24 trillion) at the end of last year, up 5.6 billion yen - the biggest increase ever. The increase was driven by rises in direct investment overseas and an 11% gain in yen-valued assets based on dollar terms.

Commodities: Oil prices eased slightly in early Asian trade on Friday, after surging to a two-month high in the previous session as investors focused on signs of tight global supply. Gold was little changed on Friday, but the metal was on track for a second weekly gain following a retreat in the U.S. dollar from 20-year highs.

Currency: EUR/USD is off the weekly highs but remains strongly bid near 1.0750 amid notable US dollar supply and riskon flows.

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