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US: Gains for bank shares and a positive debt-ceiling update from President Biden helped push stock indexes higher on Wednesday, even as concerns about the lingering D.C. standoff troubled investors.

Asia: Asia-Pacific markets rose on hopes of U.S President Joe Biden and congressional leaders inching closer to a deal to raise the U.S. debt ceiling and avoid a default.

India The key benchmark indices extended losses for the second straight day on Wednesday as sentiment turned cautious with fears of US debt default mounting as the deadline to raise the government's borrowing limit draws near. As per reports, the US Treasury may run out of money by June 01 if the $31.4 trillion ceiling is not lifted by then. M

Market is expected to open on a positive note and likely to witness sideways move during the day.

Global Economy: Australia’s job market unexpectedly contracted in April, while unemployment rose amid some cooling in economic activity, although a high number of vacancies showed that the labor space was still running red hot.The total number of employed people in the country fell by 4,300 people in April to a seasonally adjusted 13.9 million, data from the Australian Bureau of Statistics (ABS) showed. The reading was weaker than expectations for a rise of 25,000 people, and also showed that growth in the space was cooling after a 53,000 surge in March.

Japan's export growth hit its weakest pace in more than two years in April as China-bound shipments slumped amid lingering worries about faltering global economic demand. Exports rose 2.6% in April from a year earlier, Ministry of Finance. 3.0% increase expected by economists in a Reuters poll and a 4.3% rise in March. It also marked the weakest gain since February 2021 when exports declined 4.5%. 

Commodities: Gold prices moved little in Asian trade on Thursday, reeling from steep losses this week as markets awaited more cues on the U.S. economy and monetary policy, while copper prices bounced back from a five-month low on some improving sentiment

Oil prices edged lower on Thursday after logging sharp gains in the prior session as markets awaited more cues on the potential lifting of the U.S. debt ceiling, with a slew of economic and monetary policy indicators lined up for later in the week.

Currency: The U.S. dollar held near a seven-week peak on Thursday, after President Joe Biden and top U.S. congressional Republican Kevin McCarthy worked towards avoiding a damaging debt default, while the Aussie dollar slipped after disappointing jobs data.

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