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Market Review

US:

Wall Street ended sharply higher on Thursday in a broadbased rally led by Big Tech, as a truce in the debt-ceiling standoff in the U.S. Congress relieved concerns of a possible government debt default this month.

Asia

Asian shares rose on Friday as Chinese shares returned from a one week holiday upbeat, tracking a global rally, while investors also eyed key U.S. jobs data for any fresh insight into the timing of Federal Reserve tapering.

India:

Equity benchmark Sensex rallied 488 points on Thursday, tracking gains in Titan, TCS and ICICI Bank amid a positive trend in global equities.The 30-share BSE index ended 488.10 points or 0.82 % higher at 59,677.83. Similarly, the NSE Nifty rose 144.35 points or 0.82 % to 17,790.35. Market is expected to open on a positive note and likely to witness positive move during the day

Economy:

Activity in China's services sector returned to growth in September as a major COVID-19 outbreak in the eastern province of Jiangsu receded, offering some support to a slowing economy.The Caixin/Markit services PMI rose to 53.4 from 46.7 in August, pulling away from the lowest level seen since the height of the pandemic last year. Japan's household spending fell more sharply than expected in August, as state of emergency curbs to combat the coronavirus pandemic weighed on consumption during the summer holiday season and risked undercutting the economy's recovery. The 3.0% y-o-y decrease in spending was worse than a median market forecast for a 1.5% drop and followed a 0.7% increase in July. The number of Americans filing new claims for jobless benefits dropped by the most in three months last week, suggesting the labor market recovery was regaining momentum after a recent slowdown, as the wave of COVID-19 infections began to subside. Initial claims for state unemployment benefits decreased 38,000 to a seasonally adjusted 326,000 for the week ended Oct. 2. That was the biggest drop since late June.

Commodities:

Oil prices rose on Friday, tracking towards a 4.2% gain for the week on signs some industries have begun switching fuel from high priced gas to oil and on doubts the U.S. government would release oil from its strategic reserves for now. Gold held steady on Friday as investors stayed away from making big bets ahead of the U.S. non-farm payrolls report that is considered key to the Federal Reserve’s stimulus taper timeline.

Currency:

The safe-haven dollar hovered below a one-year high to major peers on Friday amid improved risk sentiment, while traders awaited clues on the pace of Federal Reserve policy normalization from a closely watched monthly payrolls reports.

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