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Market Review

US: US stock market indices ended higher on Wednesday after the US Federal Reserve kept interest rates unchanged, while comments from its top official fueled optimism that rate hikes were done even though the central bank left the door open for more.

Asia: Asia markets traded higher on Thursday following overnight gains on Wall Street after the US Federal Reserve decided to leave its benchmark interest rates unchanged.

India: India's benchmark stock indices declined through Wednesday for the second consecutive session, ahead of the U.S. Federal Reserve's decision on interest rates later in the day. The real estate, media and pharmaceutical sectors advanced, whereas metals fell the most. Market is expected to open gap up and likely to witness positive move during the day.

Global Economy: Australia’s trade surplus narrowed to an over two-year low in September, hit chiefly by a sharp decline in the export of some metals, while imports rose sharply amid increased demand for capital goods and recreational items. The country’s trade surplus narrowed to A$6.79 billion in September. The reading fell sharply from the A$10.16 billion surplus seen in August, and was also well below expectations for a surplus of A$9.5 billion.

U.S. job openings increased in September, pointing to persistent labor market tightness that is supporting the economy and likely to see the Federal Reserve keeping interest rates higher for a long time to cool demand. The layoffs dropping to a nine-month low. There were 1.50 job openings for every unemployed person in September, slightly up from 1.49 in August and way above the pre-pandemic ratio of 1.2.The U.S. central bank left rates unchanged on Wednesday, but kept the door open to a further increase in borrowing costs as it acknowledged the economy's surprising strength.

Commodities: Gold prices edged higher on Thursday, as the U.S. dollar and bond yields slipped after the Federal Reserve held interest rates steady and acknowledged the tighter financial conditions faced by businesses and households. Oil prices edged higher in early trade on Thursday as the conflict in the Middle East kept investors on edge about whether it could disrupt oil supplies around the region.

Currency: The dollar fell broadly on Thursday, tracking a slide in U.S. Treasury yields as markets grew more convinced the Federal Reserve was done with its aggressive monetary policy tightening cycle after it left rates unchanged.

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