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Market Review

US:

US stocks closed out their fifth straight day of losses on Thursday, the longest slide since the turn of the year, after retail bellwether Walmart Inc. posted a rare profit miss, jobless claims ticked higher and a Federal Reserve official downplayed the need for a near-term interest-rate cut.

Aisa:

.Asian equities traded within a narrow range after US stocks and bonds fell as traders pared back wagers on imminent Federal Reserve interest-rate cuts

India:

The Indian market ended in the green on Thursday, extending its rally to a sixth straight session as optimism over a potential cut in Goods and Services Tax (GST), strength in financials from a proposal to exempt insurance premiums from tax, and gains in Reliance Industries lifted the market. Market is expected to open on a negative note and likely to witness negative move during the day.

Economy:

The number of Americans filing for first-time unemployment benefits rose more than expected last week, pointing to a further weakening of the country’s labor market amid tariff-fueled economic uncertainty. Seasonally-adjusted U.S. jobless claims climbed to 235,000 in the week ended on August 16, up from 224,000 in the prior week. Economists had predicted a reading of 226,000. The four-week moving average, which aims to account for volatility in the weekly data, came in at 226,250, slightly above the previous reading of 221,750.

Germany’s private sector economy saw a slight uptick in growth in August, driven primarily by the manufacturing sector which experienced a rise in new orders. The HCOB Flash Germany Composite Purchasing Managers Index, compiled by S&P Global, rose to 50.9 in August from 50.6 in July, marking a fivemonth high and beating a Reuters poll forecast of 50.2. A PMI reading above 50 indicates growth in activity. Manufacturing led the expansion, with its output index climbing to 52.6 from 50.6 in July, reaching a 41-month high. This growth was supported by a solid increase in new orders, the fastest since March 2022, despite a slight decrease in export sales

Commodities:

Oil prices were little changed on Friday but were on track to snap a two-week losing streak as hope for immediate peace between Russia and Ukraine dimmed, increasing the risk premium demanded by oil sellers.

Gold prices held steady on Friday as investors refrained from taking any big bets ahead of U.S. Federal Reserve Chair Jerome Powell's speech at the annual Jackson Hole symposium that could offer fresh clues on the monetary policy path.

Currency:

The U.S. dollar was steady on Friday, poised for a strong weekly performance as investors gear up for an eagerly anticipated speech from the Federal Reserve Chair Jerome Powell that could shape the near-term path for interest rates.

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