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Market Review

US: US stock market ended with gains overnight amid easing fears of recession in the world’s largest economy.

Asia: Asia-Pacific markets climbed, bolstered by a slew of China’s economic data for August mostly came in better than market expectations.

India: The Indian stock market surged to record-breaking heights, led by strong performances from key players such as Reliance Industries Limited (RIL), Infosys, and the metal sector. Investors witnessed remarkable milestones with the BSE Sensex and Nifty 50 reaching new intra-day peaks. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy: The U.S. average rate for a 30-year, fixed-rate mortgage (FRM) has risen to match its level two weeks ago, continuing to fluctuate in the 7% range. As of Wed, the rate for a 30-year FRM averaged 7.18%, up from 7.12% the previous week. On August 31, the average rate was also 7.18%. The average rate for a 15-year FRM was 6.51% as of Wed, slightly down from 6.52% a week earlier. A year ago at this time, the rate averaged 5.21%. These figures are based on conventional mortgage applications submitted to lenders across the U.S., which are then forwarded to Freddie Mac for packaging into mortgage-backed securities Chinese industrial production rose past expectations in August as improving local demand and a continued stream of monetary support from the government helped spur some recovery in the sector. Industrial production rose 4.5% in August from the prior year. The reading was higher than expectations for growth of 4%, and more than the 3.7% rise seen in July. Production for the year to August rose marginally, as expected, to 3.9% from 3.8% in the prior month..

Commodities: For a second day in a row, gold came close to testing the $1,900 support. And once again, it managed to stay above that fray as buyers turned up to rescue the yellow metal from the cusp of $1,800 territory. Oil prices rose to their highest level in 10 months on Friday, after China cut banks' cash reserve requirements to boost its economic recovery, and on expectations that major global interest rate hike cycles were nearing their end..

Currency: The dollar was on the front foot in Asia on Friday, retaining overnight gains against peers after strong U.S. economic data and an ECB rate hike, with traders’ attention warily turning to a data deluge from China.

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