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Market Review

US:

The rotation out of high-flying tech stocks continued on Wall Street on Wednesday as well with the S&P 500 and Nasdaq witnessing heavy losses. On the other hand, investors continued to pile into underperforming rate sensitives, with the Dow Jones having outperformed yet again.

Asia:

Asian equities fell Thursday, following a selloff in technology stocks on concerns the US would impose tighter restrictions on chip sales to China.

India:

Indian stock market remained closed on Wednesday on account of Muharram 2024. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global Economy:

Japanese exports rose in June for a seventh straight month, but the pace of growth slowed sharply from the previous month, data showed on Thursday, underscoring concerns that a slowdown in China may hamper Japan's tradereliant economy. Japanese exports rose 5.4% year-on-year in June, smaller than a 6.4% increase expected by economists in a Reuters poll and cooling from 13.5% growth in May. Australian employment jumped well beyond expectations in June, yet the jobless rate still ticked higher as more people went looking for work, a mixed report that leaves open the question of whether interest rates need to rise further. Net employment climbed 50,200 in June from May, topping market forecasts for 20,000. Full-time employment rose 43,300 for a second month of strong gains. U.S. single-family homebuilding fell to an eight-month low in June amid higher mortgage rates, suggesting the housing market was likely a drag on economic growth in the second quarter. The permits for future construction of single-family houses dropped to a one-year low last month, indicating that any anticipated rebound in activity, if the Federal Reserve cuts interest rates in September as expected, could be muted.

Commodities:

US Gold prices held steady on Thursday after hitting a record peak in the previous session amid rising expectations of a US rate cut in September. Oil prices ticked higher on Thursday, buoyed by a bigger-thanexpected weekly decline in U.S. crude stocks.

Currency:

Japan's yen scaled a six-week high on Thursday, spurring speculation of an official push, while the dollar nursed broad losses as markets prepared for U.S. rate cuts in a few months.

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