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Market Review

US:

Wall Street stocks recovered some ground on Wednesday after technology conglomerate Alphabet rose on a favorable antitrust ruling, but gains were muted as investors digested softer-than-expected labor market data and a selloff in longterm global government bonds.

Asia:

Asian equities were primed to rise Thursday after weak US job openings reinforced bets on a Federal Reserve interest-rate cut, boosting stocks and bonds on Wall Street

India:

After a choppy session, buying interest in metal stocks drove Dalal Street to rise over half a percent on Wednesday, September 3. Market is expected to open on a gap up note and likely to witness positive move during the day.

Global economy:

The U.S. economy continues to demonstrate resilience as the latest data on Factory Orders reveals a decline that is in line with expectations. The actual number came in at - 1.3%, mirroring the forecasted figure and indicating a steady trend in the manufacturing sector. It is a key indicator of the health of the manufacturing sector and, by extension, the overall economy

Brazil’s industrial production decreased 0.2% in July compared to June. The decline matched economists’ expectations, as the median estimate in a poll had projected a 0.2% drop for the month. Despite the monthly decrease, production in July showed a 0.2% increase when compared to the same month a year earlier.

South African businesses saw a slight improvement in operating conditions during August, according to the S&P Global South Africa Purchasing Managers’ Index. The headline PMI reading came in at 50.1 for August, marginally lower than July’s 50.3 figure. The modest improvement in August was supported by easing cost pressures across South African businesses.

Commodities:

Oil prices slid on Thursday, extending a decline of more than 2% in the previous trading session, as investors and traders look ahead to a weekend meeting of OPEC+ where producers are expected to consider another increase in output targets.

Gold held steady on Thursday, hovering near all-time high hit in the previous session, buoyed by global uncertainties and increased expectations for a U.S. interest rate cut, while investors looked forward to a key U.S. jobs data due this week.

Currency:

The U.S. dollar softened on Thursday in a volatile week as investors contended with bond market jitters while weighing data that showed a weakening labour market, which reinforced expectations the Federal Reserve will cut rates this month.

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