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Market Review

US:

The S&P 500 pared early losses to close modestly lower on Thursday after investors digested disappointing quarterly results from two large U.S. banks and hotter-than-expected inflation data.

Asia:

Asia Pacific stocks were mostly up on Friday morning as expectations of a 100 basis-point U.S. interest rate hike in July receded.

India:

Frontline indices extended its decline into fourth day as global mood turned cautious amid 40-year high inflation in the US. Market watchers now expect the US Fed to hike rate by as much as 100 basis points in July meeting. Even a decline in Brent crude oil price to three-month low couldn't lift the sentiment. Market is expected to open on a flattish note and likely to witness bounce back during the day.

Global Economy:

China's industrial output grew 3.9% in June from a year earlier, quickening from a 0.7% rise in May, official data showed on Friday, as activity began to recover from months of crippling COVID lockdowns. Retail sales rose 3.1% following the easing of COVID-19 restrictions last month. Fixed asset investment grew 6.1% in the first six months of the year from the same period a year earlier, versus a forecast 6.0% rise and down from a 6.2% jump in January-May. U.S. producer prices increased more than expected in June amid rising costs for energy products, but underlying producer inflation appeared to have peaked. The producer price index for final demand climbed 1.1% last month after rising 0.9% in May, the Labor Department said on Thursday. In the 12 months through June, the PPI increased 11.3% after advancing 10.9% in May.

Commodities:

Oil prices rose in early Asian trading on Friday amid uncertainty around how aggressive the U.S. Federal Reserve will be in hiking interest rates to combat rampant inflation. Gold prices steadied on Friday, with bullion on course for a fifth straight weekly decline as a relentless surge in the dollar and fears of aggressive U.S. interest rate hikes weighed on demand.

Currency:

The dollar hovered below a near two-decade high in Asian trading on Friday, having slipped overnight after two Federal Reserve policymakers said they favored a smaller rate rise than the 100 basis-points that investors were betting on.

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