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Market Review

US:

Markets rose on Friday, boosted by shares of tech giant Amazon on the heels of its strong quarterly results.

Asia:

Asian stocks rose on Monday as investors weighed last week's megacap earnings showing significant spending on artificial intelligence, while the dollar held near a three-month high after hawkish comments from Fed Reserve policymakers.

India:

Indian stock markets closed lower on Friday. The Sensex and Nifty experienced a second day of declines. Investors booked profits amid mixed corporate results and cautious global sentiment. Market is expected to open on a negative note and likely to witness negative move during the day.

Global economy:

China’s manufacturing sector grew less than expected in October, as the sector grappled with cooling prices and a deteriorating economic outlook. The manufacturing PMI, formerly the Caixin PMI, fell to 50.6 in Oct from 51.2 in the prior month. The print was also weaker than expectations of 50.7.

Australian household spending edged higher in Sep as gains in food, health, and petrol were offset by drops in air travel and accommodation, suggesting only a patchy recovery in consumer demand. Data showed its monthly household spending indicator (MHSI) rose 0.2% in September, after a flat result in August. The annual pace of spending growth picked up to 5.1% from 4.9%. However, in real terms, spending for the whole third quarter rose a modest 0.2%, slowing from a strong 0.9% gain in the June quarter

British house prices rose in October, lender Nationwide said on Friday outpacing forecasts by economists and adding to signs of demand in the housing market in the run-up to FM Rachel Reeves' budget which is likely to include tax increases. Nationwide said its house price index increased by a monthly 0.3% after rising by 0.5% in Sep.

Commodities:

Oil prices climbed in early Asian trade on Monday after OPEC+ decided to hold off production hikes in the first quarter of next year, easing rising fears of a supply glut.

Gold prices slipped on Monday, pressured by a stronger dollar as investor’s dialed back bets for further Fed Reserve rate cuts following Chair Jerome Powell's hawkish remarks last week, while easing U.S.-China trade tensions also weighed on bullion.

Currency:

The dollar firmed to a near three-month high on Monday as investors awaited the release of data this week to gauge the health of the U.S. economy and determine whether it could alter the Federal Reserve's hawkish stance.

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