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Market Review

US:

The S&P 500 posted a closing record high on Thursday as labor market data did not change expectations for an interest rate cut by the Fed Reserve, a day ahead of the key U.S. monthly jobs report.

Asia:

Asia-Pacific markets traded higher Friday after Trump signed an executive order Thursday formalizing a lower Japanese auto import tariff of 15%, down from 27.5%.

India:

Indian benchmarks pared early gains on Thursday amid the expiry of Sensex F&O contracts but still closed higher, supported by strength in consumption-led sectors like Auto and FMCG, as investors cheered the GST reforms announced a day earlier by Finance Minister Nirmala Sitharaman. Market is expected to open on a positive note and likely to witness positive move during the day.

Global economy:

The U.S. services sector gained some speed in August, although employment in this crucial segment of the U.S. economy remained subdued, reflecting a possible cooling in the labor market. The Institute for Supply Management’s purchasing managers’ index for services -- which account for more than two-third of U.S. economic output -- came in at 52.0, surpassing forecasts of 50.9 and July’s mark of 50.1. A reading above 50 indicates expansion.

Japanese household spending in July rose 1.4% from a year earlier, internal affairs ministry data showed on Friday, short of the median market forecast for a 2.3% rise. On a seasonally adjusted, month-on-month basis, spending increased 1.7%, versus an estimated 1.3% rise.

Commodities:

Oil prices drifted down in early trading on Friday for the third straight day as investors awaited an OPEC+ meeting this weekend that will consider further output hikes.

Gold headed for a third weekly gain, ahead of a US jobs report that may reinforce bets that the Federal Reserve will cut interest rates later this month.

Currency:

The dollar mostly held its ground on Friday as bond markets stabilised and traders awaited key U.S. jobs data expected to firm up the case for an interest rate cut by the Fed Reserve.

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