Market is expected to open on a gap down note and likely to witness sideways move during the day - Nirmal Bang Ltd
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Market Review
US: The US stock markets opened higher on the first trading session of 2025, after the New Year break on January 2, as investors eye a fresh political landscape and more interest rate cuts to fuel the nation's economy.
Asia: Asian indices traded higher in early trade on Friday even as the Wall Street closed lower. India: The Indian benchmarks closed higher for the second consecutive day on Thursday and recorded their best sessions since Nov. 22. Both the equity indices saw their highest closing since Dec. 18.
Market is expected to open on a gap down note and likely to witness sideways move during the day.
Global economy: Canadian manufacturing activity increased at the fastest pace in nearly two years in December as inventory accumulation by U.S. clients in anticipation of trade tariffs provided a measure of support for export sales. The S&P Global Canada Manufacturing Purchasing Managers' Index (PMI) rose to 52.2 in December from 52.0 in November, its highest level since February 2023 and the fourth straight month above the 50.0 no-change mark. Hong Kong's November retail sales fell 7.3% by value from a year earlier, reflecting a change in consumption patterns and the relatively strong Hong Kong dollar. Sales fell to HK$31.7 billion ($4.08 billion) in a ninth consecutive month of decline after a revised 2.8% drop in October.
Commodities: Oil prices extended their gains on Friday after closing at their highest in more than two months in the previous session on hopes governments across the world may increase policy support to revive economic growth that would lift fuel demand. Gold prices edged higher on Friday, building on a 1% gain from the previous session, boosted by safe-haven demand, while focus on the Fed's rate outlook and U.S. President-elect Trump's proposed trade tariffs.
Currency: The dollar was on track for its best weekly performance in over a month on Friday, underpinned by expectations of fewer Federal Reserve rate cuts this year and the view that the U.S. economy will continue to outperform the rest of its peers globally.
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