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Market Review

US:

US stocks fell for a fourth day on Wednesday as traders rotated out of technology high-flyers into less risky sectors after the minutes of the last Federal Reserve meeting showed officials saw inflation risks outweighing concern over the labor market.

Aisa:

Asian technology stocks edged up in early trade on Thursday after dip buyers helped lift US stocks from their lowest levels of the day.

India:

Indian equities snapped a six-week losing streak and ended nearly a percent higher in the holiday-shortened week. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Economy:

Japan’s manufacturing activity contracted for the second month in August as U.S. tariffs weighed on overseas demand. The S&P Global flash Japan PMI increased to 49.9 in August from July’s final 48.9, but it remained below the 50.0 threshold that separates growth from contraction for two straight months. "The recovery in manufacturing output may be hard to sustain unless we see an improvement in sales in the near-term," said Annabel Fiddes, Economics Associate Director at S&P Global Market Intelligence, which compiled the survey. Manufacturing output showed a modest recovery, with the output index rebounding to the growth from a contraction logged in July.

The Energy Information Administration (EIA) reported a significant drop in {{8849|U.S. crcrude oil inventories, indicating a stronger demand for crude and potentially bullish implications for crude prices. The actual data revealed a decrease of 6.014 million barrels of commercial crude oil held by U.S. firms. This decline was far more substantial than the forecasted drop of 0.800 million barrels, suggesting a more robust demand for crude oil than initially anticipated by market analysts. In comparison to the previous week’s data, which reported an increase of 3.036 million barrels, the current figures represent a significant turnaround.

Commodities:

Oil prices gained slightly on Thursday as largerthan-expected declines crude oil and fuel inventories in the U.S., the world's biggest oil user, supported expectations for steady demand.

Gold prices were steady on Thursday as investors awaited cues into the Federal Reserve's policy outlook ahead of the Jackson Hole symposium in Wyoming, which begins later in the day

Currency:

The U.S. dollar drifted on Thursday as investors fretted about the Federal Reserve's independence after yet another attack from President Donald Trump ahead of remarks from Chair Jerome Powell later this week that could influence the outlook for rates.

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