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Market Review

US: US markets continued to trade down on Thursday weighed down by Cisco that gave a dismal outlook and fears of rising inflation slowing growth dominated investors mind. Dow lost 0.75%, S&P dropped 0 58% and Nasdaq lost 0.26%..

Asia: : Asian shares jumped in early trade on Friday after China cut a key lending benchmark to support a slowing economy, but a gauge of global equities remained set for its longest weekly losing streak on record amid investor worries about sluggish growth.

India:India's key stock gauges plummeted more than 2.6 percent, their worst fall in two months, following an overnight selloff on Wall Street after concerns intensified over a likely recession in the US led by inflationary pressures. 

Market is expected to open on gap up and likely to witness positive move during the day

Global Economy: : The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, reaching a four month-high and potentially hinting at some cooling in demand for workers amid tightening financial conditions. Still, the labor market remains tight as the report from the Labor Department on Thursday also showed the ranks of the unemployed were the smallest in almost 52 years in early May. Signs of ebbing demand for labor were also evident in a survey from the Philadelphia Federal Reserve, showing a decline in the share of firms reporting higher employment levels and the average work at factories in the mid-Atlantic region this month.

China cut its benchmark reference rate for mortgages by an unexpectedly wide margin on Friday, its second cut this year as Beijing seeks to revive credit demand to prop up the economy. Senior officials have pledged further measures to fight a slowdown in the world's second-biggest economy, hit by COVID-19 outbreaks that prompted stringent measures and mobility restrictions, causing huge disruptions to economic activity

Commodities: Oil prices were little changed on Friday as worries about weaker economic growth offset expectations that crude demand could rebound in China as Shanghai lifts some coronavirus lockdowns.

Gold prices on Friday hovered near a one-week high scaled in the previous session, and were set for their first weekly gain since mid-April, as the U.S. dollar receded from two-decade highs, reviving demand for safe-haven bullion.

Currency:The U.S. dollar headed for its worst week since early February against major peers on Friday, weighed down by a retreat in Treasury yields and fatigue after the currency's breathless 10%, 14-week surge.

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