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Market Review

US:

US stocks ended mixed on Tuesday ahead of key jobs data that may set tone for September FED meet move. Dow slipped 0.26%, S&P closed just below flat line and Nasdaq gained close to 0.40% at the end of trade.

Asia:

Shares in Asia-Pacific traded higher Friday as investors look ahead to the Reserve Bank of India’s interest rate decision and the U.S. jobs report.

India:

Indian stocks turned volatile ending six days of gains ahead of crucial RBI policy meet. After opening firm stocks fell sharply on the news of Chinese military drills but strength in IT and Pharma names helped indices recoup most of the intraday losses to help them close near the flat line. 

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

Global Economy:

The Bank of England raised interest rates by the most in 27 years on Thursday in an attempt to smother surging inflation on track to top 13%, even as it warned a long recession is coming. Reeling from a surge in energy prices after Russia's invasion of Ukraine, the BoE's rate-setters voted 8-1 for a half percentage-point rise in Bank Rate to 1.75%, its highest since late 2008.

Japan's households increased spending for the first time in four months in June, as demand for travel services rose in a positive sign for broader recovery prospects. Spending jumped 3.5% in June from a year earlier, government data showed on Friday, posting its first year-on-year rise since January as households opened their purse strings for overnight stays, package tours and outdoor goods.

Commodities:

Oil prices extended losses on Friday, after hitting their lowest since before Russia's February invasion of Ukraine in the previous session, as the market fretted over the impact of inflation on global economic growth and demand.

Gold prices extended gains on Friday and were set to end the week higher amid growing jitters over slowing global growth, while losses in the dollar ahead of U.S. nonfarm payrolls data also helped metals.

Currency:

The dollar struggled to gain a footing on Friday after falling by its sharpest pace in two weeks, as investors remained on tenterhooks ahead of the widely anticipated U.S. jobs data and amid growing worries about a recession.

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