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Market Review

US: US stocks rose on Wednesday in a truncated session ahead of holiday with the Nasdaq composite scaling a fresh high. The Nasdaq Composite settled 0.88% higher. The S&P 500 ended 0.51% higher, while Dow Jones Industrial Average closed 0.06% lower.

Asia: Asia-Pacific markets rose on Thursday mirroring similar overnight moves on the Wall Street as US economic data and Federal Reserve's June policy meeting minutes supported traders' rate cuts hopes.

India: Indian benchmarks settled at fresh closing highs on Wednesday, tracking sharp gains in heavyweight HDFC Bank Ltd. and ICICI Bank Ltd. The NSE Nifty 50 settled 162.65 points, or 0.67%, higher at 24,286.50, and the S&P BSE Sensex ended 545.34 points, or 0.69%, up at 79,986.80. Market is expected to open on a gap up note and likely to witness positive move during the day.

Global economy: Australia’s trade balance shrank more than expected in May, as commodity exports from the country remained weak, while some resilience in local demand saw imports grow steadily. Trade balance fell to a surplus of A$5.77 bn. The reading was weaker than expectations for a surplus of A$6.2 bn, and fell from the A$6.0.3 bn surplus logged in April, which was revised lower on Thursday. A measure of U.S. services sector activity slumped to a four-year low in June amid a sharp drop in orders, potentially hinting at a loss of momentum in the economy at the end of the second quarter. The Institute for Supply Management said its nonmanufacturing purchasing managers (PMI) index dropped to 48.8 last month, the lowest level since May 2020, from 53.8 in May. It was the second time this year that the PMI had dropped below 50, which indicates contraction in the services sector.

Commodities: Gold prices drifted higher on Thursday after softer-than-expected U.S. economic data fuelled hopes that the Federal Reserve could cut interest rates as soon as September. Oil prices fell from two-month highs in Asian trade on Thursday, as traders collected some profits from a strong run-up this week, while soft U.S. economic data raised some concerns over long-term demand.

Currency: The Japanese yen steadied near its weakest levels in 38 years on Thursday, with the currency’s latest decline and low liquidity during a U.S. market holiday sparking fresh speculation over government intervention.

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