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Market Review

US: US stocks gained overnight while treasury yields rose on expectations that US inflation will remain high.

Asia: Asian markets traded in a narrow range on Thursday after US stocks gained while Treasuries fell on data showing US consumers expect inflation to persist.

India: The domestic benchmark indices ended Wednesday’s volatile session marginally higher amid mixed global cues. The Sensex closed 92.47 points, or 0.14%, higher at 66,023.24, while the Nifty 50 settled 28.45 points, or 0.14%, higher at 19,811.85

Market is expected to open on a flattish note and likely to witness sideways move during the day

Global Economy: The average interest rate on the most popular U.S. home loan fell last week to its lowest level in two months as Treasury market yields, which act as a benchmark for mortgage rates, continued to move lower on the back of cooling inflation and a softening economy. The average contract rate on a 30- year fixed-rate mortgage declined by 20 basis points to 7.41% for the week ended Nov. 17. It has declined 45 basis points over the past two weeks and is now at its lowest level since late September.

Recent data reveals Australia's economy has shown signs of strain, with key economic indicators plunging to their lowest points in years. The Judo Bank Flash PMIs, a measure of nationwide business activity, have highlighted this downturn. The composite index, which aggregates both the manufacturing and service sectors, has fallen to an eight-year survey low, registering just above the contraction threshold at 46.4. This marks the weakest performance outside of periods under lockdown. The service sector, in particular, has been hit hard, with activity dipping to its lowest level in over two years. The index fell to precisely 46.5 points, indicating a contraction in the sector and reflecting broader economic challenges.

Commodities: Gold prices edged higher on Thursday, hovering close to a key $2,000 per ounce level, as an overall weaker dollar and lower U.S. Treasury yields buoyed demand for bullion

Oil prices extended recent losses into Asian trade on Thursday as unexpected delay in an upcoming OPEC+ meeting spurred uncertainty over just how much further the producer group intended to curb supplies.

Currency: Currency markets were lulled by holidays in Japan and the United States on Thursday, leaving the U.S. dollar revelling in its gains after data that cast doubts over market projections for peak Fed rates.

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