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Market Review

US:

The Dow ended lower and the S&P 500 finished close to flat on Wednesday after the Federal Reserve cut interest rates but Fed Chair Jerome Powell said another rate cut in December is far from assured.

Asia:

Asian stocks struggled for direction after Federal Reserve Chair Jerome Powell cautioned about further interest-rate reductions

India:

India's equity benchmarks advanced on Wednesday, as investors picked up stocks in anticipation of a U.S. rate cut later in the day, while a possible U.S.-China trade deal also boosted sentiment. Market is expected to on a negative note and likely to witness range bound move during the day.

Global economy:

The Federal Reserve cut interest rates by 25 basis points for the second time this year and said it would stop reducing the size of its balance sheet as soon as December. Fed Chair Jerome Powell pushed back against expectations that another rate cut in December was a done deal, citing growing divisions among voting members over the rate outlook.

The U.S. Food and Drug Administration (FDA) announced a major overhaul of its biosimilar approval process aimed at making lower-cost alternatives to expensive biologic drugs more accessible to American patients. The FDA released a new draft guidance that proposes simplifying biosimilarity studies and reducing unnecessary clinical testing requirements.

China has sent a clear signal that it is willing to pull the plug on subsidies for its electric vehicle industry after years of bigticket govt support fuelled a boom that has left the world’s second-largest economy saddled with vast oversupply, prompting it to push into global car markets. Top policymakers omitted EV from their list of strategic industries in their recent five-year development plan for 2026-2030.

Commodities:

Oil prices held on to most gains from the previous session in early trading on Thursday as investors awaited U.S.-China trade talks later in the day, hoping for signs that tensions clouding the economic growth outlook will ease.

Gold prices edged higher on Thursday, as a slight pullback in the dollar and a widely expected quarter percentage point rate cut from the U.S. Federal Reserve lifted demand.

Currency:

The dollar nudged higher on Thursday as traders scaled back bets of a U.S. rate cut in December following push back from Federal Reserve Chair Jerome Powell, pinning the yen near an eight-month low ahead of the Bank of Japan's (BOJ) rate decision.

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