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US

The Dow Jones Industrial Average climbed as the Nasdaq and S&P 500 hit new highs. Stocks reversed higher in afternoon trading although remained positive.

Asia:

Asia-Pacific markets struggled for gains Friday as investors turned cautious, despite a positive finish stateside in the previous session.

India:

After a gap-up start to the day, Indian markets trimmed most of the gains to end flat as investors were divided between a host of positive and negative cues. While strong Q4 earnings performance and loose monetary policy lent support to the sentiment, a record jump in Covid cases in the country kept investors on tenterhooks. Besides, economic indicators have also started pointing to the impact arising from lockdown-like restrictions. The latest is an analysis by the economists at SBI that suggests the business activity index has fallen below the level before the coronavirus pandemic, affected by lockdowns and restrictions in cities and states to slow down the outbreak.and restrictions in cities and states to slow down the outbreak. Market is expected to open gap down and likely to witness profit booking during the day.

Global Economy:

US GDP grew at an annualized rate of 6.4% in the first quarter, up from 4.3% in the fourth quarter of 2020 and faster than consensus forecasts of a 6.1% rate. The acceleration was due in large measure to the $1.9 trillion stimulus package approved by Congress earlier in the year that distributed a new round of stimulus checks to households. Consumer spending grew at an annualized 10.7% as a result. Confidence in the euro-area economy improved sharply in April as the region’s vaccination campaign picked up speed, paving the way for a lifting of coronavirus restrictions in the coming months. European Commission sentiment index increased to 110.3, exceeding all estimates. The highest reading since 2018 reflects improvements across all parts of the economy and the European Union’s six largest members.

Commodities:

Oil prices slipped on Friday, taking a breather after touching their highest in six weeks as economic recovery and bullish summer fuel demand outlook outweighed concerns of wider lockdowns in India and Brazil to curb COVID-19 pandemic. Gold prices edged down on Friday as higher U.S. Treasury yields dampened the metal's appeal, while palladium eased off a record high scaled a day earlier.

Currency:

The U.S. dollar skidded toward a fourth straight weekly decline against a basket of major peers on Friday, as the Federal Reserve stuck to its message of ultra-low interest rates for longer.

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