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Market Review

US: US stock market indices ended lower on Thursday after data showed consumer prices rose more than anticipated in September, while a US Treasury auction sent bond yields higher.

Asia: Asian shares slid on Friday while the dollar was firm after U.S. consumer prices increased more than expected, bolstering the case for the Federal Reserve to keep rates higher for longer.

India: India's benchmark stock indices closed lower, snapping two days of gains after swinging between gains and losses for most of Thursday. Media, metals and energy led the advance, whereas the information technology sector was under pressure. Market is expected to open gap down and likely to witness selling pressure during the day

Global Economy: Singapore's economy grew faster than expected in the third quarter.Gross domestic product (GDP) was up 0.7% in the July to September period on a YoY basis.On a QoQ seasonally adjusted basis, GDP expanded 1% in the July to September period.

The Federal Reserve's efforts to combat inflation have led to higher interest rates on new auto loans for subprime borrowers this year. The annual percentage rate (APR) on these loans has increased from 14% last year to a range of 17% to 22% this year. This rise in APR is significantly impacting lower-income households, increasing their monthly auto payments and consequently raising the risk of late payments, defaults, and car repossessions. Despite these risks, the subprime auto sector has cleared nearly $30 billion in new bond deals this year. Although this figure is slightly below the volumes from the past two years, it remains above historical levels since 2008.In response to the steady yearly inflation rate of 3.7%, the Federal Reserve has raised its policy rate to a 22-year high of 5.25% to 5.5%

Commodities: Gold prices edged up on Friday but traded below two-week highs hit in the last session, as a bigger-than-expected jump in U.S. consumer prices boosted bets interest rates would stay high for longer, lifting dollar and bond yields from their recent lows.

Oil prices rose on Friday after the U.S. tightened its sanctions programme against Russian crude exports, raising supply concerns in an already tight market, and global inventories are forecast to decline through the fourth quarter.

Currency: The dollar remained firm on Friday, putting pressure across a basket of currencies as stronger-than-expected U.S. consumer inflation revived prospects that the Federal Reserve will have to keep rates higher for longer.

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