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Market Review

US:

The Dow Jones Industrial Average traded slightly higher in today's stock market as all the major indexes closed near their highs of the day. The Nasdaq composite led on the upside.

Asia:

Shares in Asia-Pacific were mostly lower in Friday morning trade after the S&P 500 on Wall Street cruised to yet another record closing high overnight.

India:

A sudden bout of last-hour sell-off in the banking and financial stocks trimmed gains on the benchmark indices on Thursday. Sensex and the Nifty closed at 49,746 and 14,874 levels, up 84 points and 55 points, respectively. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

German industrial orders rose for the second month in a row in February driven by strong domestic demand, data showed on Thursday in a further sign that manufacturers are set to cushion a pandemic-related drop in overall output in the first quarter.

Orders for industrial goods increased by 1.2% on the month in seasonally adjusted terms, in line with forecast. Domestic orders jumped by 4% on the month while foreign orders fell by 0.5%. The solid industrial orders data chimed with a survey among purchasing managers released on Wednesday that showed growth in Germany's private sector accelerated in March to its highest level in more than three years.

The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, but the increase likely understated the rapidly improving labor market conditions as more parts of the economy reopen and fiscal stimulus kicks in. Initial claims for state unemployment benefits increased 16,000 to a seasonally adjusted 744,000 for the week ended April 3 compared to 728,000 in the prior week. Economists had forecast 680,000 applications for the latest week.

Commodities:

Oil rose to trade near $60 a barrel but was headed for a weekly drop -- as Saudi Arabia defended the OPEC+ plan to increase output and said the alliance was nimble enough to change course if necessary. Gold on Friday held near a more than one-month peak scaled in the previous session, with bullion set for a weekly gain of over 1%, as a weakness in the dollar and Treasury yields offered support along with a surprise jump in U.S. jobless claims.

Currency:

The dollar was headed for its worst week of the year on Friday as unexpectedly strong economic data in Europe, downbeat U.S. jobs figures and a determinedly accommodative Federal Reserve have prompted investors to unwind some bets on the greenback.

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