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Market Review

US:

U.S. stocks rose on Friday and the Dow scored its biggest weekly percentage gain since June, as Goldman Sachs rounded out a week of strong quarterly earnings for the big banks

Asia

Asian shares were on edge on Monday morning ahead of the release of Chinese economic data for the third quarter, as investors fret about the health of the world's second-largest economy even as U.S companies report strong quarterly earnings.

India:

Benchmark indices Sensex and Nifty raced to fresh record highs by notching their sixth straight session of gains on Thursday. The BSE Sensex surged above the 61,000-mark for the first time ever to close at a new closing peak of 61,305.95. Similarly, the NSE Nifty surged 176 points to a new lifetime closing high of 18,338.55. Market is expected to open on flattish note and likely to witness positive move during the day.

Global Economy: 

China's economy grew at the slowest pace in a year in the third quarter, hurt by power shortages, supply bottlenecks and sporadic COVID-19 outbreaks and raising heat on policymakers amid rising jitters over the property sector. The gross domestic product (GDP) grew 4.9% in July-September from an earlier, the weakest pace since the third quarter of 2020 and slowing from 7.9% in the second quarter. China's industrial output rose 3.1% in September from a year earlier, missing expectations, and slowing from 5.3% in August. Analysts had expected output to rise 4.5%. Retail sales grew 4.4% in September on-year, compared with a forecast 3.3% increase and a 2.5% rise in August. U.S. retail sales unexpectedly rose in September in part as more expensive motor vehicles boosted receipts at auto dealerships, but there are fears that supply constraints could disrupt the holiday shopping season amid continued shortages of goods.

Commodities:

Oil prices hit their highest in years on Monday as demand continues its recovery from the COVID-19 pandemic, boosted by more custom from power generators turning away from expensive gas and coal to fuel oil and diesel. Gold prices edged up on Monday, recouping some losses after a steep sell-off in the previous session as U.S. bond yields and the dollar softened, restoring some of the precious metal’s appeal.

Currency:

The dollar made a wobbly start to the week on Monday with the kiwi and sterling edging higher after a red-hot inflation readout in New Zealand and hawkish remarks from Britain's central bank chief that put rate rises in investors' sights.

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