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Market Review

US:

Wall Street's main indexes posted solid gains for a third straight session on Thursday, with the S&P 500 marking a record-high close, as encouraging developments gave investors more ease about the economic impact of the Omicron coronavirus variant

Asia:

Asia Pacific stocks were mostly up on Friday morning, steadying after U.S. counterparts hit a record high as concerns about the omicron COVID-19 variant’s impact on the global economic recovery continue to ebb.

India:

Indian equities closed higher for the fourth straight day on Thursday, led by gains in IT, Realty, and PSU Bank stocks.The Sensex rose 384.72 points to close the day at 57,315.28, while the Nifty was up 96.35 points or 0.57% at 17,051.80. Market is expected to open gap up and likely to witness positive move during the day.

Economy:

Japan's November consumer inflation marked the biggest yoy rise in nearly two years on surging fuel costs, a sign that the fallout from global commodity price gains is broadening. The increase, however, is unlikely to prompt the BOJ to withdraw monetary stimulus any time soon, with inflation still distant from the central bank's 2% target. Sales of new U.S. single-family homes surged to a seven-month high in November, boosted an acute shortage of previously owned homes on the market, but soaring house prices are an obstacle for first-time buyers. New home sales increased 12.4% to a seasonally adjusted annual rate of 744,000 units last month, the highest level since April. U.S. auto retail sales are expected to fall in December, as supply shortages and high demand have caused prices to skyrocket. Retail sales of new vehicles could fall 17.7% to 2,923,600 units from a year earlier

Commodities:

Oil settled above $73 a barrel for the first time in four weeks as signs that the omicron Covid-19 variant may be less severe than previous strains eased concerns about a demand hit. Gold settled at its highest level in five weeks, boosted by U.S. inflation risk after latest data showed the world’s largest economy facing its worst price pressures in four decades.

Currency

The dollar edged lower against a basket of currencies, as easing fears of fallout from the Omicron coronavirus variant supported higher-risk currencies such as the Australian dollar and British pound.

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