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Market Review

US:

US stocks closed at a record on Monday, powered by technology shares as investors disregard the government shutdown and instead cheer a multibillion-dollar infrastructure deal that signaled the artificial intelligence spending boom.

Asia:

Japanese shares extended their rally after the election of a pro-stimulus Sanae Takaichi as the country's next leader sent the yen sliding and drove up yields of long-tenure bonds.

India:

Stock markets rallied for the third consecutive day on Monday, with benchmark Sensex climbing 583 points and the Nifty reclaiming the 25,000-level following value buying in IT and financial shares. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global Economy:

Japanese household spending rose at a faster pace than expected in August, government data showed on Tuesday, with consumers feeling relatively upbeat in a promising sign for the recovery in private consumption.

Australian consumer sentiment slid to a six-month low in October as renewed concerns over inflation and the economic outlook weighed on households. The Westpac-Melbourne Institute Consumer Sentiment Index dropped 3.5% to 92.1 in October from 95.4 in September. The drop was the biggest since April 2025, with the index still remaining below the 100- mark that separates optimism from pessimism.

The number of Americans filing new applications for unemployment benefits increased marginally during the last week of September, pointing to a still-low level of layoffs even as hiring has stalled. The labor market has stagnated with businesses not firing employees on a large scale, but also reluctant to hire more workers. Economists have blamed the labor market paralysis on President Donald Trump’s trade and immigration policies as well as the growing popularity of artificial intelligence, which have combined to reduce demand and labor supply.

Commodities:

Oil prices were steady on Tuesday, with sentiment toward a smaller-than-anticipated OPEC+ output hike dulled by weakening global demand and the potential for a supply glut.

Gold prices rose to an all-time high on Tuesday, extending gains to a third session on U.S. economic and political uncertainties and expectations of further interest rate cuts by the Federal Reserve.

Currency:

The yen weakened to a two-month low against the dollar on Tuesday as attention in Japan turned to who may join the cabinet of fiscal dove Sanae Takaichi after her party leadership victory.

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