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Market Review

US: US stocks fell sharply on Wednesday led by disappointing results from major retailers and FED official's remarks. Investors also further digested remarks on rates to rein in inflation at any cost. S&P 500 slid by 4% in its worst day since June 2020, Nasdaq dropped 4.7%, while the Dow fell by more than 1100 points, or 3.6%.

Asia: : Shares in Asia-Pacific slipped Thursday morning after heavy losses on Wall Street overnight as the investors are worried that inflation is going to take hold and hurt earnings, and change the rating on equity markets.

India:After trading higher for better part of the day, Indian equity markets turned volatile and ultimately ended lower on Wednesday. With this, the equities snapped their two-day gaining streak.

Market is expected to open on gap down and likely to witness sideways move during the day

Global Economy: : JPMorgan cut its expectation for U.S. real gross domestic product for the second half of 2022 and for 2023. It cut its second half view to 2.4% from 3% and cut its first half 2023 target to 1.5% from 2.1% and for the second half of 2023 it cut its view to 1% from 1.4%. It said there may be enough of a growth slowdown to lead to a gradual increase in the unemployment rate later next year, helping to relieve some wage pressures that have been building

Japan's exports extended double-digit gains for a third straight month in April, but surging global commodity costs inflated the country's import bill to a record, adding to worries about the rising cost of living. Shoring up the prospects of a private demand-led recovery, however, was a gauge of capital expenditure that posted its first monthly gain in three months.

Commodities: Oil prices fell 2.5% on Wednesday, reversing early gains as traders grew less worried about a supply crunch after government data showed U.S. refiners ramped up output, and as crude futures followed Wall Street lower.

Gold prices were flat on Thursday, as an elevated dollar weighed on greenback-priced bullion and countered support from lower Treasury yields, with the metal's outlook already dulled by an aggressive Federal Reserve stance on inflation.

Currency:Safe-haven currencies, including the dollar, eased on Thursday, pausing for breath after big gains the previous session as Wall Street stocks tumbled amid mounting concerns that aggressive tightening by the Federal Reserve and other global central banks could choke growth.

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