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Market Review

US:

Most US equity indices ended lower on Friday on increasing rate cut optimism.

Asia:

Asian indices were mixed at open with Japan's Nikkei falling the most after Shigeru Ishiba’s victory in the party’s leadership race. The escalation of tensions in West Asia also dampened sentiment.

India:

The NSE Nifty 50 snapped its six-session winning streak on Friday and the S&P BSE Sensex ended lower after two consecutive days of gains. Despite this, the Indian benchmarks managed to end higher for the third week in a row. Market is expected to open gap down note and likely to witness profit booking during the day.

Global Economy:

South Korea’s factory output in August exceeded market expectations, rising by 4.1% from the previous month, driven by a 22.7% increase in automobile production and a 6.0% rise in semiconductor output. This rebound followed a 3.9% decline in July. Annually, the industrial output index grew by 3.8%. Retail sales also saw a significant increase of 1.7%, reversing a 2.0% drop in July and marking the largest monthly rise since February 2023.

Australia reported a second consecutive budget surplus of A$15.8 billion ($10.91 billion) for the year ending June 2024, driven by lower spending. Australians have focused on essential services like healthcare amid high inflation and mortgage rates. Finance Minister Katy Gallagher highlighted the surplus as part of efforts to ease inflation and support families. The surplus represents about 0.6% of GDP, with 87% of revenue upgrades contributing to the budget through spending curbs.

Commodities:

Gold prices rose on Monday, heading for a fourth consecutive quarterly gain. This increase is driven by expectations of a significant U.S. rate cut and rising Middle East tensions.

Oil prices rose slightly on Monday due to concerns over potential supply disruptions from the Middle East after Israel intensified attacks on Iranian-backed forces.

Currency:

Japan's yen steadied after a surge, with incoming Prime Minister Shigeru Ishiba indicating monetary policy should remain accommodative. The dollar slipped against commodity currencies amid expectations of a turnaround in China's economy.

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