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Market Review

US:

Three benchmark indices in the US hit fresh record highs after the Federal Reserve Chair Jerome Powell said the economy is stronger than what the central bank expected in September.

Asia:

Most markets in Asia–Pacific were trading higher on tracking overnight gains on Wall Street.

India:

The NSE Nifty 50 and the BSE Sensex closed higher for the fourth consecutive session on Wednesday, clocking the best winning streak in months. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

Australia’s trade balance rose more than expected in October after hitting a four-year low in the prior month, as commodity exports rose amid improving economic conditions and stimulus measures in top trading partner China. Trade balance rose to a surplus of A$5.95 billion in October. The reading was stronger than expectations for a surplus of A$4.58 billion, and higher from the A$4.61 billion seen in the prior month. Overall exports rose 3.6% mom in October, driven by a higher demand of mineral fuel exports.

New orders for U.S.-manufactured goods rebounded marginally in October while business spending on equipment appeared to have softened early in the fourth quarter. Factory orders increased 0.2% after a revised 0.2% fall in September. The government also reported that orders for non-defense capital goods excluding aircraft, which are seen as a measure of business spending plans on equipment, fell 0.2% in October, as initially reported. Shipments of core capital goods increased 0.3% instead of rising 0.2%, as estimated last month.

Commodities:

Oil prices rose slightly in Asian trade on Thursday, taking support from a bigger-than-expected draw in U.S. inventories and increasing geopolitical tensions in the Middle East. But overall gains were limited by builds in U.S. product inventories, while traders also hunkered down before an OPEC+ meeting later in the day, which is expected to offer more cues on supply.

Gold prices held steady as investors awaited Friday's U.S. payroll data for clues on the Federal Reserve's policy path. Fed officials signaled support for a slower pace of rate cuts, while economic data showed moderate private payroll growth and slowing service sector activity in November.

Currency:

The euro was subdued on Thursday after the widely expected collapse of the French government, stoking worries about the region's second-biggest economic power, while the South Korean won steadied in the aftermath of the martial law debacle.

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