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:
U.S. stock were slightly lower on Thursday night after the previous session saw a sell-off fueled by concerns about regional banks’ loan practices
Asia:
Asian shares tracked Wall Street lower, bonds extended gains and gold hit a fresh record on Friday, with signs of credit stress at U.S. regional banks putting investors on edge.
India:
The stock market rallied strongly on Thursday, with benchmark indices closing at nearly four-month highs, led by broad-based gains across sectors. Market is expected to open on a negative note and likely to witness range bound move during the day
Global economy:
The U.S. budget deficit shrank by $41 bn to $1.775 tn in the 2025 fiscal year as an increase in revenue from President Donald Trump’s tariffs and cuts to education spending helped offset higher outlays on healthcare and retirement programs and interest on the debt.
Singapore’s non-oil domestic exports rose 6.9% in September from the same month a year earlier, led by a sharp rise in electronics shipments. Singapore has been hit with a 10% tariff rate by Washington. Singapore’s exports to the United States dropped by an annual 9.9% in September after a 29.1% fall in August
The Federal Budget Balance has reported a significant swing into surplus territory. The actual figure for the month came in at $198 bn, a stark contrast to the previous month’s deficit of $345 bn. This substantial change in the budget balance has exceeded all expectations. The shift from a hefty deficit to a surplus indicates a robust increase in the federal government’s income relative to its expenditure for the reported month.
Commodities:
Oil prices are witnessing a dip, thanks to the alleviation of global energy supply anxieties. In a pivotal moment for international relations, President Donald Trump is preparing to sit down with President Vladimir Putin to deliberate on solutions for the Ukraine crisis.
Gold has reached unprecedented heights, with rising tensions between the U.S. and China driving investors towards this safe haven. Anticipation of upcoming U.S. interest rate cuts adds more fuel to the fire, prompting a spike in demand.
Currency:
The U.S. dollar slipped as the Sino-U.S. trade war sapped investor sentiment, while growing confidence of the U.S. Federal Reserve cutting its policy interest rate this year also weighed on the greenback.
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