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Market Review

US:

The Dow Jones Industrial Average declined on Wednesday, snapping a four-session winning streak, as weaker-thanexpected private payroll data dampened investor sentiment.

Asia:

Asia-Pacific markets traded mixed Thursday, after private sector hiring in the U.S. hit its lowest level in over two years, raising concerns that trade policy uncertainty could be weighing on the world’s largest economy.

India:

India's benchmark equity indices closed higher on Wednesday, ending a three-day losing streak. Markets is expected to open on a flattish note and likely to witness range bound move during the day.

Global Economy:

Britain’s services sector returned to tepid growth last month after fears about U.S. President Donald Trump’s tariffs caused the sector to shrink in April for the first time in a year and a half. The S&P Global Purchasing Managers’ Index for Britain’s services sector rose to 50.9 in May from 49.0 in April, and above an earlier flash estimate of 50.2. The upward revision also lifted the composite PMI, which includes the smaller manufacturing sector, taking it above the 50 mark which divides growth from contraction

China’s services sector grew more than expected in May, private purchasing managers index data showed, as strong domestic demand helped offset the impact of increased U.S. trade tariffs, which dented export orders. The Caixin China services PMI rose to 51.1 in May, edging past expectations of 51.0 and improving from the 50.7 seen in the prior month. A reading above 50 indicates expansion in the sector. Thursday’s reading marked a 29th consecutive month of expansion for the Caixin services PMI, as service sector activity remained underpinned by strong local demand. The reading was largely in contrast to dismal manufacturing PMIs released over the past week, which showed a protracted decline in Chinese factory activity due to waning overseas demand. This slowdown was largely tied to steep U.S. trade tariffs on China, which eroded export orders

Commodities:

Oil prices slipped in early trade on Thursday after a build in U.S. gasoline and diesel inventories and Saudi Arabia's cut to its July prices for Asian crude buyers. Gold prices nudged higher on Thursday, as weaker-thanexpected U.S. economic data spurred demand for safe-haven assets, while market participants also assessed persistent global economic and political uncertainties.

Currency:

The dollar softened on Thursday, stuck near six-week lows after weak U.S. economic data revived fears of slow growth and high inflation, while the euro was steady ahead of an expected interest rate cut from the European Central Bank.

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