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Market Review:

US

The Dow Jones Industrial Average traded higher and closed near its highs of the day. Meanwhile, the S&P 500 also continued higher while the Nasdaq composite led the downside on Wednesday. Stocks were boosted by the release of a stronger-than-expected report on ADP's June private payrolls. This was the sixth straight monthly increase in employment, with jobs rising by 692,000, well above the 600,000 expected increase

Asia:

Shares in Asia-Pacific slipped in Thursday morning trade as investors reacted to the release of slowing Chinese factory activity growth in June. The Caixin/Markit manufacturing Purchasing Managers’ Index for June came in at 51.3 on Thursday, a lower reading than May’s 52.0.

India:

Equity markets ended the last day of the first half of calendar year 2021 (H1-CY21) in the red as US stock futures indicated a weak start on Wall Street later in the day. In Europe as well, shares fell on Wednesday as worries about rising inflation and the Delta variant of the novel coronavirus hit economically sensitive sectors. Given this, the frontline S&P BSE Sensex cooled off 393 points from day's high to end at 52,483 levels, down 67 points or 0.13%. The Nifty50 also eased 27 points, or 0.17%, to settle at 15,721 level. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

U.S. applications for home mortgages decreased by the most in almost five months driven by sharp declines in refinancing activity and purchase applications. The Mortgage Bankers Association’s (MBA) index fell 6.9% in the week ending June 25 from a week earlier, the largest drop since early February.

Commodities:

Oil prices traded sideways on Thursday as investors waited for a decision from key producers on whether they would maintain or ease supply cuts in the second half of the year. Gold prices edged lower on Thursday, as the dollar hovered near a three-month peak, with investors looking ahead to a key U.S. jobs report due later this week for clues on what it might mean for monetary policy.

Currency:

The dollar hit a fresh 15-month high versus the yen and hovered near multi-month peaks against other major peers on Thursday, ahead of a key U.S. jobs report that should offer clues on when the Federal Reserve will start to pare back stimulus.

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