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Market Review

US:

The Dow Jones Industrial Average rose for the fourth straight day as stocks continued higher on strong earnings reports.

Asia:

Shares in Asia-Pacific rose in Friday trade after overnight gains stateside that saw the S&P 500 hitting a record closing high.

India:

Benchmark indices hit new milestones on Wednesday as economic recovery hopes on the back of a growth-driven Budget, positive global cues, and healthy FII buying continued to please investors. Besides, expansion of Services PMI for the fourth straight month at 52.8 in January, relative to 52.3 in December, also boosted sentiment. Market is expected to open gap up and likely to witness positive move during the day.

Global Economy:

New orders for U.S.-made goods rose more than expected in December and business spending on equipment was solid, pointing to continued strength in the manufacturing industry in the near term. Factory orders increased 1.1% after surging 1.3% in November.

Economists had forecast factory orders gaining 0.7% in December. Orders dropped 6.6% year-on-year. The number of Americans filing new applications for unemployment benefits decreased last week, suggesting that the labor market was stabilizing as authorities started to loosen pandemic-related restrictions on businesses.

Despite the signs that layoffs are ebbing, the weekly jobless claims report from the Labor Department showed at least 17.8 mn Americans were on benefits in mid-January, indicating that long-term unemployment was likely becoming entrenched. That could boost President Joe Biden's push for the U.S. Congress to pass his $1.9 trn recovery plan. Initial claims for state unemployment benefits fell 33,000 to a seasonally adjusted 779,000 for the week ended Jan. 30. That was the third straight weekly decline and exceeded economists' forecast for 830,000 applications.

Commodities:

Oil prices extends gains after the OPEC+ alliance of producers stuck to its reduced output policy and U.S. crude stocks fell, with optimism over a new US pandemic relief bill adding further price support. Gold edged up on Friday, recovering from its lowest level in more than two months, but is still on course to post its worst week in ten due to a firmer dollar.

Currency:

The dollar headed for its best weekly gain in three months, lifted by growing confidence that the U.S. economic recovery will outpace global peers.

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