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Market Review

US: The US stock market ended mostly lower on Friday amid a mixed set of corporate earnings, and economic data that likely support the “higher for longer" interest rate scenario.

Asia: Asian markets traded lower as investors await key economic data from around the region. Central banks of Japan and Malaysia will announce their monetary policy decisions this week, while inflation data from South Korea, and Taiwan & Hong Kong GDP data will also be announced this week.

India: India's benchmark stock indices advanced over 1% on Friday after declining for six consecutive days following geopolitical uncertainties stemming from the Israel-Hamas war and the resultant rise in crude prices, coupled with higher-forlonger U.S. rates. Market is expected to open on a negative note and likely to remain cautious during the day.

Global Economy: Australian retail sales rose at the fastest pace in eight months in September, suggesting some resilience in consumer spending which would add to the case for an interest rate hike as soon as next week.The nominal retail sales rose 0.9% in September from August, an upwardly revised gain of 0.3% for August.Sales of A$35.9 billion were up 2.0% from a year earlier, picking up for the first time since August last year when the annual gains peaked at almost 20.

U.S. consumer spending surged in September as households boosted purchases of motor vehicles and traveled, keeping spending on a higher growth path heading into the fourth quarter. Consumer spending, accelerated 0.7% last month after an unrevised 0.4% rise in August

Commodities: Gold prices hovered atop the key $2,000 level on Monday as an escalating Middle East conflict kept the safehaven metal increasingly in demand among investors as they now gear up for the U.S. Fed Reserve policy’s meeting this week. Oil prices slipped $1 a barrel on Monday as investors adopted caution ahead of the Fed policy meeting and China’s manufacturing data later this week, offsetting support from geopolitical tensions in the Middle East.

Currency: The dollar inched broadly higher in cautious trade on Monday and held near 150 yen as traders looked to a policy decision by the Bank of Japan later in the week, alongside other major central bank meetings and a slew of economic data releases globally.

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