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Market Review

US:

US stock market ended higher on Thursday after strong retail sales data, with the Dow Jones registering its fourth record close in the last five sessions.

Asia:

Asian indices were mixed at open as investors assessed economic data from China and Japan.

India:

India's benchmark equity indices extended losses for the third straight session to record their lowest closing in nearly two months on Thursday as some of the quarterly results of key companies failed to impress the market. Market is expected to open gap down and likely to witness selling pressure during the day.

Global economy:

The Chinese economy grew as expected in the third quarter, gross domestic product data showed on Friday, although the economy’s pace of growth remained below Beijing’s annual target. Chinese GDP grew 4.6% year-on-year in the three months to September 30 in line with expectations but slowing from the 4.7% seen in the prior quarter.GDP grew 0.9% quarter-on-quarter, slightly missing expectations of 1%. This brought year-to-date GDP growth to 4.8%, still below Beijing’s 5% annual target. Beijing announced a string of stimulus measures in the past three weeks, marking China’s most concentrated efforts yet to shore up sluggish economic growth. Japan's core inflation slowed in September due to the rollout of energy subsidies but an index excluding the effect of fuel held steady, a sign that broadening price pressure will keep the central bank on track to raise interest rates further. The data will be among factors the Bank of Japan will scrutinize at this month's policy meeting, when the board releases fresh quarterly growth and price forecasts. The core consumer price index, which includes oil products but excludes fresh food prices, rose 2.4% in September from a year earlier, data showed on Friday, compared with a median market forecast for a 2.3% gain.

Commodities:

The dollar headed for a third weekly gain in a row on Friday, helped by a dovish European Central Bank and strong U.S. data that is pushing out expectations for how fast U.S. rates can fall, particularly if Donald Trump wins the presidencyOil prices firmed on Friday but were on track to end the week lower, as weaker U.S. employment data raised concerns over the health of the world’s largest oil consumer, and renewed ceasefire talks in Gaza eased worries about supply. Gold held steady near a record high on Friday, as uncertainty surrounding the U.S. election, simmering Middle East tensions and a looser monetary policy environment boosted its appeal.

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