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Market Review

US:

Wall Street benchmarks ended up on Thursday, with the S&P 500 and NASDAQ recording their fourth successive higher closes, as traders leaned in to U.S. equities after the Federal Reserve hinted at a more tempered program of interest rate hikes.

Asia:

Asian shares tracked overnight Wall Street gains in early trading on Friday as fears of an economic slowdown cooled and sterling began to claw back recent losses following British Prime Minister Boris Johnson's decision to resign.

India:

Bulls had firm control over benchmark indices for a second straight day on Thursday as falling commodity prices eased inflationary concerns. Volatility index, India VIX, cooled off over 6 per cent on weekly F&O expiry day. Market is expected to open gap up and likely to witness positive move during the day.

Global Economy:

The U.S. trade deficit narrowed in May as slowing domestic demand amid rising interest rates curbed imports, which could see trade contributing to economic growth in the second quarter after being a drag for nearly two years. The trade deficit declined 1.3% to $85.5 billion. Imports of goods and services rose 0.6%, which was offset by a 1.2% increase in exports to a record high.

Japan's household spending posted a surprise drop in May, falling for the third consecutive month as the global chip shortage hurt car sales in a worrying sign for the outlook of the world's third-largest economy. Spending slipped 0.5% in May from a year earlier

Commodities:

Oil prices slipped in early Asian trade on Friday, following a rebound in the previous session, as investors remained torn between worries over tight global supplies and fears a recession could dampen oil demand.

Gold firmed on Friday as the dollar came slightly off twodecade highs, but bullion was set to post its biggest weekly drop in more than a month as the elevated greenback hit demand.

Currency:

The euro was pinned at a 20-year low on Friday, licking its wounds at the end of its worst week in two months as investors braced for Europe to tip in to recession, while markets awaited U.S. jobs data to set the next direction for the dollar.

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