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Market Review

US:

Wall Street benchmarks closed modestly higher on Wednesday, with the Nasdaq Composite achieving its latest record finish, despite a chaotic half hour when news reports suggested U.S. President Donald Trump was set to fire Federal Reserve Chair Jerome Powell.

Asia:

Asian stocks struggled for direction at the open after US markets had a volatile session amid speculation about the future of Federal Reserve Chair Jerome Powell

India:

India's benchmark indices ended flat on Wednesday, supported by strength in Infosys Ltd., Mahindra & Mahindra Ltd. and State Bank of India that offset a wider decline amid a dip across Asian markets due to a pickup in US inflation. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

Japan’s exports fell for a second straight month as sweeping U.S. tariffs took a toll on the country’s manufacturers, with its fragile economy exposed to greater risks from the global trade war in coming months. Japan failed to clinch a deal with the U.S. before the July 9 expiration of the temporary pause on the country-specific tariffs after it focused on eliminating the existing sectoral 25% tariffs on automobiles, a mainstay of the export-reliant economy. Washington now plans to impose tariffs of 25% on Japanese imports, unless a trade deal is struck by August 1.

Federal Reserve Bank of New York President John Williams said that monetary policy is in the right place to allow central bankers to monitor the economy before taking their next steps, while warning that the impact of trade tariffs is only just starting to hit the economy. Maintaining this modestly restrictive stance of monetary policy is entirely appropriate to achieve our maximum employment and price stability goals, holding at current levels allows for time to closely analyze incoming data, assess the evolving outlook, and evaluate the balance of risks to achieving our dual mandate goals.

Commodities:

Oil prices rose in early trade on Thursday, reversing the previous session's losses, buoyed by strongerthan-expected economic data from the world's top oil consumers and signs of easing trade tensions.

Gold prices dipped in early Asian trade on Thursday, pressured by a firmer dollar and easing market tensions after U.S. President Trump said it was highly unlikely he would dismiss Federal Reserve Chair Jerome Powell.

Currency:

The dollar was on a fragile footing on Thursday having lost ground overnight as concerns U.S. President Donald Trump was preparing to fire the Federal Reserve chair shook confidence in U.S. markets.

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