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Market Review

US: The Dow Jones Industrial Average rose slightly in today's stock market amid a series of new economic reports. The Nasdaq and S&P 500 both traded higher.

Asia: Asian shares wavered Friday as the spread of the delta Covid-19 variant and China’s regulatory curbs restrained sentiment despite another record high close on Wall Street.

India: Even as the Asian markets traded under pressure, the investors back home rejoiced boosted by the unlock trade, strong quarterly earnings and hopes that the US Fed will not rush to reduce stumulus support. While the broader markets returned to green after three days, the benchmarks hit record highs, led by gains in ICICI Bank, Infosys, L&T and Tech Mahindra. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy: Applications for U.S. state unemployment benefits dropped for the third week in a row, another incremental highlight in the labor market’s recovery. Initial unemployment claims in regular state programs totaled 375,000 in the period ended Aug. 7, down 12,000 from the prior week. Jobless claims have been largely falling this year as a pickup in economic activity strengthens business conditions and leads to a record number of job openings. While initial claims are broadly expected to continue declining in the coming months, the spreading delta variant poses a risk to the pace of recovery.

U.S. producer prices increased more than expected in July, suggesting inflation could remain high as strong demand fueled by the recovery continues to hurt supply chains. In the 12 months through July, the PPI jumped 7.8%, a record high since the measure was introduced in 2010. The producer price index for final demand increased 1.0% last month after rising 1.0% in June.

Commodities: Oil prices fell for a second day on Friday after the IEA warned that demand growth for crude and its products had slowed sharply as surging cases of COVID-19 worldwide has forced governments to revive restrictions on movement. Gold prices were flat in early Asian trade on Friday, as a firm dollar offset ease in early-tapering bets, although the precious metal was headed for a second consecutive weekly decline.

Currency: The dollar held firm on Friday, staying near its highest level in four months against a basket of currencies as investors looked for more hints from the Federal Reserve on its plans to reduce monetary stimulus.

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