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Market Review:

US

The Dow Jones Industrial Average rose while the Nasdaq led, as the stock market rallied despite a surge in inflation.

Asia:

Shares in Asia-Pacific were mixed in Friday morning trade, following gains overnight on Wall Street that saw the S&P 500 sailing to a record closing high.

India:

After two straight days of decline, the Bulls made a comeback on the D-Street, on Thursday, led by broad-based buying, amid weekly options expiry. Among benchmarks, the S&P BSE Sensex ended at 52,300, up 359 points, or 0.7%, while the Nifty50 closed the session at 15,738-mark, up 102 points, or 0.65%. Broader markets extended their outperformance, with the S&P BSE MidCap and SmallCap indices ending the session 1.26% and 1.73% higher, respectively. Market is expected to open on a flatish note and likely to witness sideways move during the day.

Global Economy:

The number of Americans filing new claims for unemployment benefits fell last week to the lowest level in nearly 15 months. Initial claims for state unemployment benefits totaled a seasonally adjusted 376,000 for the week ended June 5, compared to 385,000 in the prior week. That was the lowest since mid-March 2020 when the first wave of COVID-19 infections barreled through the country, leading to closures of nonessential businesses. Claims have now declined for six straight weeks. Consumer price index increased 0.6% last month after surging 0.8% in April, which was the largest gain since June 2009. In the 12 months through May, the CPI accelerated 5.0%. That was the biggest year-on-year increase since August 2008, and followed a 4.2% rise in April. The jump partly reflected the dropping of last spring's weak readings from the calculation. These so-called base effects are expected to level off in June.

Commodities:

Oil prices slipped on Friday but were set for their third weekly rise on expectations for a recovery in fuel demand in Europe, China and the United States as rising vaccination rates lead to an easing of pandemic curbs. Gold prices hovered near the key $1,900 per ounce level on Friday, helped by a weaker dollar and U.S. bond yields, as investors shrugged off data that showed a rise in U.S. inflation and hoped the Federal Reserve would not change its dovish stance.

Currency:

After a week of anxious waiting, markets got the high U.S. inflation number they dreaded, shrugged it off and moved on - leaving the U.S. dollar under pressure and most majors stuck in ranges.

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