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Market Review

US:

US stocks extended their decline for a fourth straight session on Wednesday as a steep selloff in AI-linked stocks outweighed optimism around additional interest-rate cuts from the US Federal Reserve.

Asia:

Asian stocks dropped, followed losses in US equities, as investors sold technology shares amid concern over their lofty valuations. Oil gained on rising geopolitical risks in Venezuela and Russia.

India:

India's equity benchmarks slipped sharply from the day’s highs amid heightened volatility on Wednesday, extending losses for a third consecutive session. Sentiment remained under pressure due to persistent FPI outflows and continued rupee weakness, along with delays in concluding the India–US trade negotiations. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

The United States approved $11.1 bn in arms sales to Taiwan, the largest ever U.S. weapons package for the island which is under increasing military pressure from China. The Taiwan arms sale announcement is the second under U.S. President Trump’s current administration, and comes as Beijing ramps up its military and diplomatic pressure against Taiwan, whose government rejects Beijing’s sovereignty claims.

An expanded U.S. federal healthcare subsidy that grew out of the pandemic is all but certain to expire at the year’s end as the House of Representatives advanced a Republican healthcare bill on Wednesday that would not renew the tax credit.

The Federal Reserve Board on Wednesday withdrew a 2023 policy statement and issued new guidance that encourages banks to engage in certain innovative activities, marking a shift in the regulator’s approach to novel business practices in traditional finance.

Commodities:

Oil prices were up nearly a dollar in Asian trade on Thursday after President Donald Trump announced a blockade on tankers entering and leaving Venezuela and most exports from the country remained on hold.

Gold eased on Thursday following last session's 1% rise and silver fell from a record high after breaching the $65-mark as profit-taking and a firmer dollar took hold ahead of key U.S. inflation data later in the week.

Currency:

The dollar held gains against its major counterparts on Thursday as markets positioned for central bank decisions in Britain, Europe and Japan.

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