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Market Review

US

The Dow Jones Industrial Average rallied as new jobs data bolstered the stock market. The stock market got a shot in the arm after the Labor Department reported initial jobless claims fell to 444,000 in the week ended May 15. This was lower than the prior week's 478,000 claims and economists' forecasts for 460,000 new filings.

Asia

Shares in Asia-Pacific traded higher on Friday morning following an overnight bounce on Wall Street.

India:

Benchmark indices turned sharply lower during the fagend of the session, after staying flat for the better part of the day, as US stock futures indicated a weak session on Wall Street later today. Dalal Street investors took cues from Dow Jones Futures, which tumbled 160 points in early pre-market deals, and booked profit largely in metal, financials, and FMCG counters. Market is expected to open on a flattish note and likely to witness sideways move during the day

Global Economy:

The number of Americans filing new claims for unemployment benefits dropped further below 500,000 last week, but jobless rolls swelled in early May, which could temper expectations for an acceleration in employment growth this month. Initial claims for state unemployment benefits totaled a seasonally adjusted 444,000 for the week ended May 15, compared to 478,000 in the prior week. Claims remain well above the 200,000 to 250,000 range that is viewed as consistent with healthy labor market conditions. They have dropped from a record 6.149 million in early April 2020. British manufacturers reported the fastest growth in orders since December 2017 in May but fear supply-chain bottlenecks will cause their costs to rise sharply. Industrial orders balance - measuring the proportion of firms reporting order volumes above or below normal - rose to +17 from -8 in April.

Commodities:

Oil prices edged up on Friday, taking a breather after three days of losses as investors braced for the return of Iranian crude supplies after officials said Iran and world powers made progress on talks to revive a 2015 nuclear deal. Gold edged lower on Friday, as optimism around a swift economic recovery lifted appeal for riskier assets, although a weaker dollar and growing inflationary pressure limited losses and kept bullion on track for a third straight weekly rise.

Currency:

The dollar was pinned near milestone lows on Friday, and headed for a weekly loss, as traders’ initial concerns at taper talk in Federal Reserve minutes ebbed — with actual tapering seeming distant — while pandemic recovery boosted other currencies

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