Market expected to open on a gap up note and likely to witness positive move during the day - Nirmal Bang Ltd
Market Review
US:
Wall Street closed lower on Wednesday as a wave of mixed earnings, including Netflix's disappointing results, dampened risk sentiment as investors assessed reports that the Trump administration is considering curbs on exports to China made with U.S. software.
Asia:
Asian stocks opened lower following a volatile session on Wall Street that saw broad losses across equities and haven assets.
India:
Indian benchmark indices ended higher on the first day of the new Samvat with Nifty finishing above 25,850 on October 21. Market expected to open on a gap up note and likely to witness positive move during the day.
Global economy:
UK house prices rose 3.0% year-on-year in Aug, showing a slight slowdown from the upwardly revised 3.2% increase recorded in July. In the rental market, private-sector rents increased by 5.5% yoy in Sep, down from 5.7% in Aug. This represents the smallest annual increase in rental prices since Nov 2022.
Mexico’s economy grew 0.6% in August compared to the previous month. Despite the month-over-month growth, the Mexican economy contracted 0.9 % when compared to August 2024.
Energy Information Administration (EIA) released its weekly report on Crude Oil Inventories, revealing an unexpected decrease. The actual number of barrels of commercial crude oil held by US firms fell by 0.961 mn, a figure that significantly diverged from the forecasted increase of 2.2 mn.
Commodities:
Oil prices rose by more than $1 per barrel on Thursday, extending gains from the previous session, after the United States imposed sanctions on Russian oil companies Rosneft and Lukoil over the Ukraine war.
Gold declined for a third day, edging back in the direction of $4,000 an ounce on concerns a prolonged rally has become overheated.
Currency:
The dollar drifted higher against its major peers on Thursday as traders waited on the delayed release of U.S. consumer inflation data on Friday, while digesting tariff threats between Washington and Beijing.
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