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Market Review

US:

The tech-heavy Nasdaq closed lower on Wednesday, taking a break from the prior session's rally as investors worried about escalating Russia-Ukraine tensions and weak results from Target, while awaiting earnings from megacap Nvidia that landed after the bell.

Asia:

Asian equities declined in early Thursday trading, reflecting a muted mood on Wall Street that was amplified by Nvidia Corp.’s lackluster revenue forecast.

India:

The Indian equity markets snapped seven-day losing streak and ended higher in the volatile session on November 19, with the Nifty at 23,500 amid buying seen in the auto, realty and media names. The market was shut on Wednesday, November 20, on account of Maharashtra Assembly polls. Market is expected to open on a negative note and likely to witness range bound move during the day.

Global economy:

British inflation jumped by more than expected last month to rise back above the Bank of England's 2% target and underlying price growth gathered speed too, showing why the BoE is moving cautiously on interest rate cuts. Consumer prices rose by an annual 2.3% in October, pushed up almost entirely by an increase in regulated domestic energy tariffs, after a 1.7% rise in September which was the first time the inflation rate had fallen below the BoE's target since 2021.

Swiss industry is struggling with falling orders and sales as weaker European demand and a strong franc hit exporters, with two surveys showing companies gloomy about their prospects. Escalating trade tensions, with the possibility of higher export tariffs when U.S. President-elect Donald Trump takes office next year is also raising concerns in Switzerland. Swissmem, whose members include ABB and Siemens, said sales of Swiss industrial products fell by 4.2% in the first nine months of 2024, while exports were 3.6% lower.

Commodities:

Oil prices edged higher on Thursday due to supply concerns triggered by escalating geopolitical tensions amid the ongoing war between Russia and Ukraine.

Gold prices inched higher on Thursday for a fourth consecutive session, supported by safe-haven demand amid the intensifying Russia-Ukraine war, while investors looked for further clarity on the U.S. interest rate outlook.

Currency:

The U.S. dollar stood broadly firm on Thursday as traders awaited more clarity on U.S. President-elect Donald Trump's proposed policies and sought to second-guess the prospects of less aggressive interest rate cuts from the Federal Reserve.

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