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Market Review

US:

Benchmark indices on Wall Street rebounded on the back of technology stocks rallying. The Nasdaq 100 index ended 1.65% higher as of Thursday. The S&P 500 rose 0.74% higher, and the Dow Jones Industrial Average settled flat.

Asia:

Asian markets were trading mixed on Friday after an inflation-fueled selloff in the previous session, with investor assessing economic data from Singapore and South Korea while awaiting China trade numbers. The Nikkei 225 was trading 0.49% higher and the S&P ASX 200 was 0.37% lower. The KOSPI index was trading 0.42%.

India:

India's benchmark equity indices ended at an all-time closing high on Wednesday, after extending gains in the last hour of trade. Market is expected to open gap down and likely to witness profit booking during the day.

Global Economy:

South Korea's job growth slowed to its lowest in more than three years in March, with the unemployment rate rising. The number of employed in South Korea grew by 173,000 in March from a year earlier, slowing from a gain of 329,000 in February and the smallest annual increase since February 2021. The unemployment rate rose to 2.8% from the previous month's 2.6%, which was near the record low of 2.5% hit in October, according to Statistics Korea. The European Central Bank on Thursday held interest rates steady for a fifth straight meeting and gave its clearest signal yet of an upcoming rate cut, despite uncertainty over the U.S. Federal Reserve’s next moves. ECB President Christine Lagarde said this “important” new sentence was a “loud and clear indication” of the bank’s current sentiment. The ECB made no direct reference to loosening monetary policy in its previous communiques. The central bank for the 20 countries that share the euro currency hiked its key rate to a record 4% in September. It has left this rate unchanged at every gathering since.

Commodities:

Gold prices scaled to a record high on Friday as geopolitical tensions continued to boost demand for the safehaven metal, while strong economic data failed to dampen bullion’s allure. Oil prices rose in early trade on Friday on heightened tensions in the Middle East, where Iran has promised to retaliate for a suspected Israeli air strike on its embassy in Syria, which could risk disruptions to supply from the oil producing region.

Currency: 

The yen on Friday struggled to break away from a 34- year low on Friday and was headed for a weekly decline, while the dollar hovered near a five-month high alongside U.S. Treasury yields as traders heavily scaled back bets for a slew of U.S. rate cuts this year.

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