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Market Review

US:

U.S. stocks were lower after the close on Thursday, as losses in the Industrials, Basic Materials and Technology sectors led share slower.

Asia:

Asian stocks skidded on Friday as rising U.S. Treasury yields again rattled equity investors while hoisting the dollar to a three-month high, which in turn dragged the Japanese yen to an eight-month trough.

India:

Snapping its three-session winning run, the BSE Sensex plunged by around 599 points to crack below the key 51,000- level on Thursday amid a meltdown in global shares triggered by a surge in US bond yields. Market is expected to open on gap down note and likely to witness profit booking today.

Economy

The number of Americans filing new claims for unemployment benefits rose last week, likely boosted by brutal winter storms in the densely populated South in midFebruary, though the labor market outlook is improving amid declining new COVID-19 cases. That was confirmed by other data showing job cuts announced by U.S.-based companies plummeted 57% in February. The labor market has lagged an acceleration in overall economic activity, driven by nearly $900billion in additional pandemic aid provided by the U.S. government in late December. The cost of borrowing U.S. 10-year Treasuries in the overnight repurchase, or repo market, went deeply negative, as investors sought to short the notes, causing market stress. Negative rates in the repo market,which is important to the financial system, with trillions of dollars in short-term loans traded daily, partly reflect uncertainty about how long theU.S. Fed Reserve will keep its easy monetary policy. U.S. mortgage rates, which have hovered at or near historic lows for months and contributed to the housing market bouncing back to abovepre-pandemic levels, are now on the rise. Freddie Mac, reported that the 30-year fixedrate mortgage has edged up 0.6% to 3.02%, its highest level since July.

Commodities:

Oil was mixed Friday morning in Asia, with investors digesting the OPEC+‘s decision to keep supply curbs steady. Gold slumped to a near nine-month low on Friday and headed for a third straight weekly decline after Federal Reserve Chair Jerome Powell disappointed investors with his view on rising yields that pushed up the dollar and bond yields

Currency:

The dollar held firmly near three-month highs on Friday after surging overnight as Federal Reserve Chair Jerome Powell stuck with dovish rhetoric despite a recent spike in bond market volatility

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