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Market Review

US:

Wall Street climbed to another record high, after the US Federal Reserve cut interest rates along widely expected lines.

Asia:

Markets in the Asia-Pacific region climbed on Friday, following the US Fed's action.

India:

The domestic equity benchmark indices are expected to open flat on Friday amid positive global market cues. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global Economy:

Japanese household spending fell in September for the second straight month, government data showed on Friday, as higher prices choked consumers’ appetite in a discouraging sign for the central bank’s plans to hike rates further. Consumer spending fell 1.1% from the year earlier, against the median market forecast for a 2.1% decline. On a seasonally adjusted, month-on-month basis, it fell 1.3%, versus an estimated 0.7% drop. Households have likely continued to cut back spending on food, opting for cheaper alternatives like chicken instead of beef, and saving more of their income, an internal affairs ministry official said.

The number of Americans filing new applications for unemployment benefits rose slightly last week, suggesting no material change in the labor market and reinforcing views that hurricanes and strikes had resulted in job growth almost stalling in October.Though the labor market is easing, wage pressures are not showing a significant cooling, casting a shadow over the inflation and interest rate outlook. Unit labor costs increased at a solid clip in the third quarter.

Commodities:

Oil prices fell slightly in Asian trade on Friday, but were set for a positive weekly performance after the OPEC+ delayed plans to increase production, while the prospect of more U.S. supply disruptions also helped.

Gold prices inched higher on Friday, extending gains spurred by the Federal Reserve's widely anticipated quarter-point rate cut amid a cooling labor market and solid economic growth.

Currency:

The dollar took a breather on Friday, on track to cap off a wild week with a slight gain as markets weighed the impact of Donald Trump's impending return to the White House.

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