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Market Review

US:

Major Wall Street indexes were mixed on Thursday, with the Dow and S&P 500 ending lower, as European stocks closed at a one-week high on strong financial stocks and hopes of a Ukraine ceasefire.

Asia:

Asia-Pacific markets traded mixed Friday, after two of the three key benchmarks on Wall Street gave back gains and closed lower.

India:

Indian equity markets staged a sharp comeback in the final hour of trade on Thursday, with more than 30 Nifty constituents ended the session in the green, with IT, metals, and auto stocks leading the rebound. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

Japan’s government lowered its economic growth forecast for FY26, citing the impact of U.S. tariffs on capital spending and ongoing inflation pressures affecting consumer spending. The revised estimates, presented at Japan’s top economic council meeting, show the government now expects inflation-adjusted GDP to grow by 0.7% for FY26. This represents a significant reduction from the previous projection of 1.2% made in January.

Argentina’s industrial output increased 9.3% in June compared to the same month last year. The figures, which were presented in non-seasonally adjusted terms, showed strong annual growth in the South American nation’s industrial sector. When compared to the previous month, however, industrial production in Argentina experienced a decline.

Zimbabwe’s gold reserves have reached 3.4 tonnes as of June 30, more than doubling from 1.6 tonnes recorded on the same date last year. In his mid-term monetary policy statement, RBZ Governor, Mushayavanhu, attributed the significant boost in both foreign currency and gold reserves to a sharp increase in foreign currency inflows.

Commodities:

Oil prices experienced slight fluctuations in early Asian trading on Friday, poised for their most significant weekly losses since late June. Investor apprehension grew over the potential global economic repercussions of newly implemented tariffs.

Gold futures surged to a new high following the U.S. imposition of tariffs on imported one-kilo gold bars, fuelling safe-haven demand amid trade tensions. Spot gold is set for a second consecutive weekly gain, bolstered by tariff turmoil and expectations of U.S. interest rate cuts.

Currency:

The dollar faced pressure, nearing a weekly decline as Trump's Fed nominee fueled expectations of a dovish replacement for Powell.

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