Market is expected to open on a positive note and likely to witness sideways move during the day - Nirmal Bang
US: Wall Street's three main stock indexes closed higher on Wednesday for their biggest daily gains so far in December with help from upbeat Nike and FedEx quarterly earnings, as well as improving consumer confidence and easing inflation expectations from investors.
Asia: Asian stocks climbed into the black on Thursday after an upbeat reading on U.S. consumers cheered Wall Street investors, while the yen added to its recent massive gains as Japanese bond yields shifted into a new higher range.
India: India's equity indices dropped 1% on Wednesday, clocking their second day of declines as renewed concerns over the spread of Covid-19 infections in Asia kept investors on the edge.
Market is expected to open on a positive note and likely to witness sideways move during the day
Global Economy: Japan's government revised up on Thursday its growth forecast for the next fiscal year on prospects for higher business expenditure and substantial wage hikes that are seen underpinning consumption. "Private sector demands will drive growth in fiscal 2023," the government said in a statement, although warning of downside risks from an overseas economic slowdown, inflation, supply bottlenecks and market fluctuations.
U.S. total new vehicle retail sales are expected to decline in December as high vehicle prices and rising borrowing costs pushed consumers to cut back spending, a report from industry consultants J.D. Power-LMC Automotive showed. “Elevated pricing, coupled with repeated interest rate increases, continue to inflate monthly loan payments," said Thomas King, president of the data and analytics division at J.D. Power.
Commodities: Gold prices were little changed during early Asian hours on Thursday, as market participants awaited economic data for further direction. Oil prices extended gains into a fourth straight session on Thursday after inventory data showed that U.S. supplies remained tight ahead of a demand-heavy holiday season, although caution ahead of key economic readings kept gains limited.
Oil prices crept higher on Wednesday as data signaled a biggerthan-expected weekly draw in U.S. inventories, although concerns over adverse weather conditions weighed on the outlook for near-term demand.
Currency: The yen firmed towards its recent four-month peak against the dollar on Thursday, after the Bank of Japan's surprise tweak to its bond yield control earlier this week provided a catalyst for trade in an otherwise dull week ahead of year-end holidays.
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