Market is expected to open on a Gap down note and recovery from support levels might be seen - Nirmal Bang Ltd
Market Review
US:
U.S. stocks retreated on Thursday as companies that have benefited from the artificial intelligence trade came under pressure yet again amid concern about their eye-watering valuations.
Asia:
The Asian equities fell after Wall Street shares declined due to concerns over stretched artificial intelligence valuations and signs of a cooling labour market.
India:
Indian equity markets ended lower on Thursday extending their recent losing streak as early gains gave way to sustained profit booking across major sectors. Market is expected to open on a Gap down note and recovery from support levels might be seen.
Global economy:
The Philippine economy grew by 4.0% in the third quarter from a year earlier, following a 5.5% expansion in the previous period. It was the slowest annual growth since the first quarter of 2021, when the economy had contracted.
Brazil’s trade surplus jumped 70.2% in October from the same month last year, Latin America’s largest economy posted a $7 billion trade surplus for October. The improvement was driven by a 9.1% rise in exports, while imports fell 0.8% over the same period.
UK construction activity declined at the steepest rate since May 2020 in October, extending its downturn to a tenth consecutive month. The headline PMI dropped to 44.1 in October from 46.2 in September, marking the longest continuous decline since the global financial crisis more than 15 years ago. Any reading below 50 indicates contraction.
Vietnam’s exports fell in October from a month earlier, with shipments to the U.S. dropping faster as the trade-reliant country adapts to American tariffs. The Southeast Asian nation is still in talks with Washington over a possible trade deal. In August, President Donald Trump imposed 20% tariffs on American imports of Vietnamese goods in a bid to reduce the U.S.’s sizeable trade deficit with Vietnam.
Commodities:
Oil edged up on Friday following three days of declines on worries about excess supply and slowing demand in the U.S., though prices appeared to be headed for a second week of losses. Gold held steady as traders balanced surprisingly weak US employment data.
Currency:
The dollar retreated in early Asia trade on Friday, leading declines among major currencies as investors lacking official data on the U.S. labour market seized upon signs of weakness in private sector surveys.
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