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Market Review

US: The US stock market indices ended sharply lower on Thursday amid worries that interest rates will remain higher for longer, while the benchmark 10-year US Treasury yields touched a 16-year peak.

Asia: Asian markets traded lower on Friday following overnight losses on Wall Street amid dampened risk appetite.

India: The domestic market saw an all-round selloff on Thursday which made benchmarks Nifty 50 and Sensex end in the negative territory for the third consecutive session. Weak global cues continued weighing on domestic market sentiment. Market is expected to open gap down and likely to witness profit booking during the day.

Global Economy: The financial landscape has witnessed a significant shift as U.S. Treasury yields reached their highest point in over a decade due to the Federal Reserve's recent announcement of an extended period of higher interest rates. This change signals the end of the low-rates era and has had a noticeable impact on global marketsAustralia on Friday recorded a final budget surplus of A$22.1 billion ($14.2 billion) for the year to June 2023, five times earlier estimates, as strong jobs growth and bumper mining profits helped the country post the first surplus in 15 years. Figures from the Treasury showed the surplus was around 0.9%GDP, and the government will return 95% of revenue upgrades to the budget bottom line in a bid to avoid adding to inflation

Commodities: Gold edged higher on Friday, although prices lingered near a one-week low touched in the previous session as the U.S. dollar and Treasury yields reaped the returns of the Federal Reserve’s hawkish stance on interest rates. Oil prices rose on Friday as concerns that a Russian ban on fuel exports could tighten global oil supply outweighed fears that further possible U.S. interest rate hikes could dent fuel demand, but they were still headed for a weekly loss in four.

Currency: The yen was held at the mercy of soaring U.S. Treasury yields on Friday ahead of a closely watched rate decision by the Bank of Japan (BOJ), while the dollar stood near a six-month peak on the prospect of higher-for-longer U.S. rates.

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