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Market Review

US: Wall Street stocks advanced early Friday, extending the week's rally following a jobs report that showed moderation after the prior month's surge.

Asia: Asian markets advanced following Friday’s rally in US stocks and bonds as investors gave further credence to the idea interest rates are near the cycle peak.

India: India's benchmark stock indices ended higher on Friday, building on opening gains. Market is expected to open gap up and likely to witness positive move during the day

Global Economy: The U.S. economy saw job creation decelerate in October, confirming persistent expectations for a slowdown and possibly taking some heat off the Federal Reserve in its fight against inflation. Nonfarm payrolls increased by 150,000 for the month, the Labor Department reported Friday, against the Dow Jones consensus forecast for a rise of 170,000. The United Auto Workers strikes were primarily responsible for the gap as the impasse meant a net loss of jobs for the manufacturing industry. The unemployment rate rose to 3.9%, the highest level since Jan’22, against expectations that it would hold steady at 3.8%. U.S. manufacturers reported an unexpectedly widespread fall in business activity in October, postponing the sector’s exit from the prolonged downturn that began in late 2022. Industrial energy consumption appeared to be steadying over the summer but the anticipated rebound will now be pushed back into 2024. The Institute for Supply Management’s manufacturing purchasing managers index slipped to 46.7 (14% for all months since 1980) in October down from 49.0 (24%) in September.

Commodities: Gold prices held steady near the key $2,000-perounce level on Monday after weak U.S. jobs data raised hopes that the Federal Reserve is done raising interest rates, sending the dollar and bond yields lower. Oil prices rose in Asian trade on Monday amid easing fears of more Federal Reserve rate hikes, although anticipation of several economic readings this week, particularly from China, kept traders on edge.

Currency: Major global currencies were steady early on Monday but seemed poised to extend last week's uptrend as the dollar nursed its losses after the Federal Reserve dialled down its hawkish rhetoric.

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