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Market Review

US:

US stocks jumped on Wednesday as the Dow Jones Industrial Average climbed 0.6%, hitting fresh intraday highs after its record close on Tuesday. Investors cheered strong tech earnings and the growing possibility that the US government shutdown could end soon.

Asia: Asia-Pacific markets mostly rose Thursday, following mixed trading on Wall Street as investors kept an eye on the U.S. government, which appeared poised to reopen as soon as the end of the week.

India:

Markets staged a strong rally in trade on Wednesday, as the bulls took over the reins, extending the winning streak to a third straight session. Sentiments have also turned for the better with news of an India-U.S. trade deal getting finalised soon and the exit polls indicating a decisive victory for the NDA in Bihar. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

Treasury Secretary Scott Bessent revealed that the Trump administration has discussed restricting the president’s proposed $2,000 tariff dividend to families making less than six figures. “Well, there are a lot of options here that the president’s talking about a $2,000 rebate and those that would be for families making less than, say, $100,000,” Bessent said. “We haven’t,” Bessent clarified when asked if the Trump administration decided on that limit. “It’s in discussion.”

Trump’s tariffs have prompted several American buyers of Indian exports, especially textiles, to either delay the shipment or cancel them altogether, leaving Indian MSME units with unsold inventory, pending payments and facing a liquidity squeeze. This has resulted in delayed payments to banks, exceeding 90 days in some cases, thus causing certain exporters’ accounts to be classified as non-performing assets while many others are at risk of facing the NPA tag, sources directly aware of the matter said.

Commodities:

Oil dropped by the most since June as a key market gauge flashed weakness and OPEC said global crude supplies surpassed demand sooner than anticipated.

Gold was steady after rising almost 2% in the previous session, as traders weighed an uncertain US economic outlook that’s been compounded by an absence of reliable data.

Currency:

The yen weakened against the euro and dollar as Japan's new premier signaled a preference for low interest rates, while the Australian dollar rose on strong employment data. Currency markets anticipate volatility as a U.S. government shutdown nears its end, though some data may be permanently withheld.

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