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Market Review

US:

Stocks were mostly unchanged after the market recorded new highs on Thursday, driven by strength in the artificial intelligence trade that appeared to overpower concerns about the 2-day-old U.S. government shutdown.

Asia:

Asia-Pacific markets mostly rose Friday, tracking Wall Street gains as investors shrugged off the U.S. government shutdown.

India:

Indian stock market remained shut on October 2 for Dussehra and Gandhi Jayanti. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global Economy:

Japan’s service sector activity extended solid gains in September, buoyed by strong domestic demand and in sharp contrast to shrinking factory activity. The S&P Global final Japan Services Purchasing Managers’ Index edged up to 53.3 in September from 53.1 in August, marking a slightly steeper increase in business activity. The final reading for September also overshot the flash figure of 53.0.

Australia’s surplus on goods trade shrank sharply in August as shipments of gold plunged after a run of strong months, while imports were up across the board. The Australian Bureau of Statistics reported the surplus on goods fell to $1.19 bn in August

Italy’s unemployment rate rose slightly to 6.0% in August from a downwardly revised 5.9% in July, as a net 57,000 jobs were lost during the month. In August the youth unemployment rate, measuring job-seekers between 15 and 24 years old, increased to 19.3% from 18.6%. Italy’s long-running increase in employment has come against a backdrop of weak economic growth and stagnant wages.

Commodities:

Oil prices edged up slightly but are poised for their steepest weekly decline since June, largely due to market expectations of a significant OPEC+ output hike.

Gold remained steady on Friday, poised for its seventh consecutive weekly gain, driven by expectations of further U.S. interest rate cuts and concerns over a government shutdown.

Currency:

The dollar index was little changed in the early trade against the other major currencies. The yen edged lower, trimming its weekly gain. Traders considered Bank of Japan rate increases and a leadership election. The dollar rebounded despite a US government shutdown.

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