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Market Review

US: US stock market indices rallied nearly 2% on Thursday amid a batch of upbeat quarterly financial results and hopes that the US Federal Reserve has reached the end of its interest rate hiking campaign.

Asia: Asian markets traded higher on Friday following overnight rally on Wall Street and ahead of the release of key economic data in the region.

India: India's benchmark stock indices advanced through Thursday after the U.S. Federal Reserve decided to hold interest rates on Wednesday. The indices snapped two days of losses, as realty and metal sectors were the top gainers. Market is expected to open gap up and likely to witness positive move during the day.

Global Economy: China’s service sector grew at a much slowerthan-expected pace in October, as a deepening slump in domestic demand largely offset some improvement in foreign orders. The Caixin services purchasing managers index (PMI) grew 50.4 in October, the reading accelerated slightly from the 50.2 seen in September, but still remained just shy of contraction. The weak data for October was largely driven by a further softening in local demand, which saw new order growth slow substantially, turning companies more cautious over expanding their businesses.

U.S. worker productivity grew at its quickest pace in three years in the third quarter, depressing labor costs.Nonfarm productivity, which measures hourly output per worker, increased at a 4.7% annualized rate last quarter, the fastest since the third quarter of 2020.Productivity grew at a 2.2% pace from a year ago.

Commodities: Gold prices were largely flat in early Asian hours on Friday, as investors looked forward to the U.S. October nonfarm payrolls report later in the day for more clues on the Federal Reserve’s interest rate path. Oil prices were little changed on Friday, heading for their second straight week of losses as the U.S. central bank left the door open for possible future rate hikes and worries that the Middle East conflict would disrupt supply eased.

Currency: The dollar stayed on the back foot on Friday and was on course for a weekly decline against a basket of currencies as traders wagered that the U.S. Federal Reserve was most likely done with rate increases, lifting risk sentiment.

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