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Market Review

US:

The Dow notched a record high close on Thursday in mixed trading following robust U.S. economic data, while artificial intelligence chipmaker Nvidia dropped after its largely in-line forecast failed to impress investors.

Asia:

Asian stocks advanced as upbeat US growth data suggested the Federal Reserve is engineering a so-called soft landing for the economy.

India:

India's benchmark stock indices ended at a fresh record high on Thursday, with the NSE Nifty 50 posting the best winning streak in nearly 17 years, tracking gains in Reliance Industries Ltd. and Tata Motors Ltd. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

Core consumer prices in Japan's capital rose 2.4% in August from a year earlier, accelerating for the fourth straight month and keeping alive market expectations of further interest rate hikes in coming months. The stubbornly high inflation could back the case for the central bank to continue its monetary policy tightening campaign. The increase in the core consumer price index , which excludes volatile fresh food costs, was faster than a median market forecast of 2.2% and the 2.2% gain in July. A separate index that strips away the effects of both fresh food and fuel costs, closely watched by the BOJ as a broader price trend indicator, rose 1.6% in August from a year earlier after a 1.5% rise in June. The Bank of Israel is unlikely to lower short-term interest rates at its remaining two 2024 policy meetings given rising price pressures and persisting geopolitical risk, deputy governor Andrew Abir said on Wednesday. The central bank earlier held its benchmark interest rate at 4.5% for a fifth-straight decision, citing worries over inflation that has risen to a 3.2% rate while the Gaza war rages on with fears of an expansion to a regional conflict.The bank had eased 25 basis points in January but has held rates steady since.

Commodities:

Oil prices were steady in early trading on Friday as investors weighed supply concerns in the Middle East against signs of weakened demand. Gold prices were little changed on Friday, but were poised for a monthly gain on prospects of a U.S. interest rate cut in September, while traders awaited key U.S. inflation data for further insights.

Currency:

The dollar traded near a one-week high versus major peers on Friday, on track to snap a five-week losing run, after robust economic data pared bets for aggressive Federal Reserve interest rate cuts.

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