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Market Review

US:

US markets were closed for Thanks giving holiday.

Asia:

Asian equities saw a decline on Friday, with the yen appreciating as inflation data from Tokyo came in higher than expected.

India:

Markets corrected sharply and settled down by over 1% on the monthly futures and options expiry date, weighed by weakness in global markets on Thursday. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

Japan's factory output rose at a slower-thanexpected pace in Oct from the previous month, due to a combination of weaker external demand and production challenges in key sectors. Industrial output rose 3.0% in Oct from the previous month, missing a median market forecast for a 3.3% rise. Separate data showed Japanese retail sales rose in Oct rose 1.6% from a year earlier, missing expectations for growth of 2.1%.The Bank of Japan (BOJ) is expected to hike its policy rate by 25 basis points at an upcoming meeting in Dec, as it remains cautious about global economic uncertainties.

Tokyo consumer price index inflation grew more than expected in Nov as private spending remained underpinned by strong wage growth, although a measure of underlying inflation still remained muted. Core CPI inflation, which excludes volatile fresh food items, rose 2.2% y-o-y in Nov. The reading was above expectations of 2.0% and picked up sharply from the 1.8% seen in the prior month. A core reading that excludes both energy and fresh food costs rose 1.9% in Nov from 1.8% in the prior month. The reading is closely watched as a gauge of underlying inflation by the Bank of Japan, but remained below the central bank’s 2% annual target for an eighth straight month.

Commodities:

Oil was steady as traders watched for any further clues to OPEC’s production plans after it delayed a key virtual meeting by four days.

Gold traded flat on Friday and was poised for a weekly decline as markets awaited key U.S. economic data, which are expected to shape the Fed's monetary policy outlook and influence bullion demand.

Currency:

The dollar sagged against most major peers in trading thinned by the U.S. Thanksgiving holiday, with sterling at the highest since Nov 20.

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