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Market Review

US

The Dow Jones Industrial Average ended at a record high on Wednesday, driven higher by energy and other economically sensitive sectors, while the Nasdaq closed in red as megacap growth stocks slipped.

Asia

Asian markets were mostly higher as investors look ahead to the U.S. jobs report due later this week for clues about how long the Fed will stay on hold

India

Markets traded volatile for yet another day but managed to end higher. After the initial uptick, the benchmark hovered in a range for most of the session but sustained recovery in the last one and half hours aided the index to close around the day’s high. Consequently, the Nifty index settled above 14,600; up by 0.8%. Market is expected to open on flattish note and likely to witness sideways move during the day.

Global Economy:

U.S. private payrolls surged by the most in seven months in April as companies rushed to boost production amid a surge in demand, suggesting the economy gained further momentum early in the second quarter, powered by massive government aid and rising COVID-19 vaccinations. Strengthening labor market conditions were reinforced by other data showing ameasure of services industry employment increased last month by the most in more than 2-1/2 years. The reports bolstered expectations for another month of blockbuster employment growth in April. Private payrolls rose by 742,000 jobs last month, the largest gain since last September. New Zealand’s unemployment rate unexpectedly fell in the first quarter as the economy’s recovery boosted business confidence and hiring. The jobless rate fell to 4.7% from 4.9% in the fourth quarter. Economists expected 4.9%. Employment rose 0.6% from the previous three months, twice the 0.3% median forecast.

Commodities:

Oil fell as traders assessed an uneven recovery in demand, with U.S. stockpiles dropping but concern about consumption in virus-hit India. Gold prices inched lower on Thursday due to a stronger dollar, while investors awaited the release of U.S. non-farm payrolls data for April due later this week

Currency:

The dollar hovered below a two-week high on Thursday, consolidating ahead of a key U.S. jobs report that may provide clues on when the Federal Reserve will dial back monetary stimulus.

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