Market is expected to open on a positive note and likely to witness positive move during the day - Nirmal Bang Ltd
Market Review
US:
US stocks broke back into the green Wednesday, buoyed by Bank of America and Morgan Stanley's blockbuster earnings reports. Ongoing concerns about U.S.-China trade negotiations and a government shutdown weighed on investor sentiment but took a backseat to enthusiasm over a better-than-expected start to earnings season.
Asia:
Most Asian stock markets extended gains on Thursday as growing expectations of imminent U.S. Federal Reserve rate cuts lifted sentiment.
India:
he market ended higher on Wednesday, with the Nifty hitting a one-month peak and crossing its recent high, supported by broad-based buying across sectors. NBFC stocks were among the standout performers. Market is expected to open on a positive note and likely to witness positive move during the day.
Global economy:
Australia’s unemployment rate spiked unexpectedly to a near four-year high in September as more people went looking for work, a weak result that revived hopes for more policy easing. Australia’s labor market expanded less than expected in September, but picked up sharply from the previous month as more people joined the workforce, while the unemployment rate climbed to its highest level since November 2021.
The New York Empire State Manufacturing Index, a key indicator of the health of the state’s manufacturing sector, has made a surprising recovery, the actual figure came in at 10.70, a significant improvement compared to the forecasted -1.80. This unexpected surge indicates a robust strengthening of the manufacturing conditions in the state, a positive sign for the overall economy
Japan’s core machinery orders fell 0.9% in August from the previous month, On a year-on-year basis, core orders, a highly volatile data series regarded as a leading indicator of capital spending in the coming six to nine months, rose 1.6%.
Commodities:
Oil prices experienced a notable rise following remarks from President Trump, who announced Indian Prime Minister Modi's commitment to ceasing oil imports from Russia. This pivotal decision is poised to shake up global oil dynamics.
Gold has reached an all-time high. Investors are seeking safety due to global tensions and economic worries. Expectations of U.S. interest rate cuts and a weaker dollar are boosting gold prices. Geopolitical risks and central bank actions are also contributing to the surge. Silver prices are also climbing.
Currency:
The U.S. dollar slipped on Thursday 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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