Market is expected to open on a negative note and likely to witness range bound move during the day - Nirmal Bang Ltd
Market Review
US:
US stock market ended lower on Thursday as investors eyed the most recent corporate earnings and gauged economic data.
Asia:
Asian markets traded lower on Friday following overnight weakness on Wall Street and as investors await key economic data from China.
India:
On Thursday, the Indian stock market extended its winning streak for the third consecutive trading session tracking upbeat global cues. Market is expected to open on a negative note and likely to witness range bound move during the day.
Global economy:
China’s economy grew more than expected in the fourth quarter of 2024, as Beijing doled out a slew of stimulus measures aimed at supporting growth. GDP grew 5.4% year-on-year in the three months to December, more than expectations of 5% and picking up sharply from the 4.6% seen in the prior quarter. This brought annual GDP to 5%, just in line with Beijing’s 5% growth target. The Chinese economy grew 5% for the second consecutive year, with Beijing having set a similar target for 2025.
Chinese industrial production grew more than expected in December as recent stimulus measures from Beijing supported business activity, while retail sales beat expectations as private spending rebounded. Industrial production grew 6.2% year-onyear in December, higher than the median forecast of 5.4% growth, government data showed on Friday. It compares to a 5.4% rise seen in the prior month. This brought the annual industrial production growth for 2024 to 5.8%, in line with last year's rise.
Commodities:
Oil prices climbed on Friday, heading for a fourth weekly gain, driven by concerns over tighter supply following U.S. sanctions on Russian oil producers and signals from a Federal Reserve official of potential interest rate cuts.
Gold prices firmed on Friday and were headed for a third straight week of gains after U.S. data this week hinted that the Federal Reserve might continue easing interest rates this year.
Currency:
The Japanese yen held its recent advance to around 155.3 per dollar on Friday and was on track for its strongest week since late November, bolstered by growing speculation that the Bank of Japan could raise interest rates again next week.
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