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Market Review

US:

The S&P 500 and Nasdaq closed higher on Wednesday after data showing the U.S. services industry growth slowed further in March, but the advance was limited after Federal Reserve Chair Jerome Powell indicated a cut in interest was still not in sight.

Asia:

Asian markets rebounded following a sell-off in the previous session, as investors digest comments from US Federal Reserve Chairman Jerome Powell. Nikkei index up 1.2%, Kospi gained 1% and Straits Times index rose 0.7%.

India:

The Indian market ended on a flat note in the highly volatile session on April 3. At close, the Sensex was down 27.09 points, or 0.04%, at 73,876.82, and the Nifty was down 18.6 points, or 0.08%, at 22,434.70. Amid weak global cues, the market opened on a negative note but erased all the losses in the initial hours and inched closer to record highs supported by IT, metal, oil & gas, power names. However, selling at final hour erased the intraday gains. Market is expected to open gap up and likely to witness positive move during the day.

Global Economy:

U.S. services industry growth slowed further in March, while a measure of prices paid by businesses for inputs dropped to a four-year low, which bodes well for the inflation outlook. The Institute for Supply Management (ISM) said on Wednesday that its non-manufacturing PMI fell to 51.4 last month from 52.6 in February. It was the second straight monthly decline in the index since rebounding in January. Hong Kong's retail sales rose for the 15th straight month in February boosted by continuing growth in tourism and consumption. Sales in February rose 1.9% from a year earlier to HK$33.8 billion ($4.32 billion), the Hong Kong government said. That compared with 0.9% growth in January, 7.8% rise in December and 15.9% jump in November.

Commodities:

Gold prices hit record highs in early Asian trade on Thursday, as the yellow metal benefited from weakness in the dollar amid uncertainty over U.S. interest rate cuts, while increased safe haven demand also aided prices. Oil prices rose to five-month highs in Asian trade on Thursday, extending a rash of recent gains as the prospect of worsening geopolitical conditions in the Middle East presented more potential supply disruptions.

Currency:

The dollar was pinned beneath recent peaks on Thursday with traders taking remarks from Federal Reserve Chair Jerome Powell as reassuring on the likelihood of interest rate cuts this year while waiting for the latest U.S. labour market readout.

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