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Market Review

US:

The S&P 500 and the Nasdaq ended higher while the Dow closed lower after a choppy trading session on Thursday, as investors sifted through earnings reports and awaited Amazon's results after the bell and a key jobs report on Friday.

Asia:

Asian stocks fell Friday after muted moves on Wall Street as traders awaited US jobs data that will help illuminate the path ahead for interest rates.

India:

Indian markets closed slightly lower on February 6, weighed down by blue-chip stocks such as Titan, ITC, State Bank of India, and PowerGrid amid weaker earnings. Bharti Airtel emerged as the top loser among benchmark indices ahead of its key earnings release later today, contributing significantly to the market decline. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

China's sluggish domestic consumption got a boost over the weeklong Lunar New Year holiday, with travel and retail sales both offering a slight reprieve to a dragging economy facing the prospect of an escalating US trade war. Official data showed there were 500 mn domestic tourist trips during the eight-day holiday period. That's a 5.9% jump from the same period last year, when travel numbers returned to pre-pandemic levels.

The Bank of England has reduced its main interest rate to 4.50% amidst concerns over the British economy struggling to grow. This marks the third rate cut in six months. Despite inflation currently at 2.5%, the bank expects it to trend downwards, justifying the rate cut.

Commodities:

Oil prices rose marginally in early Asian trade on Friday but were on track for a third straight week of decline, hurt by U.S. President Donald Trump's renewed trade war on China and threats of tariff hikes on other countries.

Gold prices steadied on Friday near record-high levels, and were headed to log their sixth successive weekly gain, as trade war jitters lifted safe-haven demand, while investors awaited the non-farm payrolls data for cues on the U.S. economic health.

Currency:

The Japanese Yen touched a nearly two-month high against the US Dollar on Friday.

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