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Market Review

US:

stocks tumbled on Thursday, reversing early gains as investors continued to rotate away from high-priced megacap growth stocks and second-quarter earnings season gathered steam.

Asia:

indices in the Asia-Pacific region extended losses on Friday, taking cues from their Wall Street peers as sell off in technology stocks continued.

India:

stock indices ended at a fresh record high for the fourth consecutive session on Thursday amid volatility, led by gains in Tata Consultancy Services Ltd. and Infosys Ltd. Market is expected to open on a positive note and likely to witness range bound move during the day.

Global Economy:

Japanese consumer price index inflation grew a touch below expectations in June as consumer spending picked up only slightly, brewing more uncertainty over just when the Bank of Japan will raise interest rates further. National core CPI, which excludes volatile items such as fresh food, rose 2.6% year-on-year in June, missing expectations of 2.7% but rising from the 2.5% seen in the prior month.A core reading that excludes both fresh food and fuel prices, and is watched closely by the BOJ for cues on underlying inflation, grew 2.2% in June, picking up slightly from the 2.1% seen in May. But the reading remained close to near two-year lows. Headline CPI inflation remained steady at 2.8% from the prior month, data from the Statistics Bureau showed on Friday. New car sales in the European Union rose 4.3% in June to their highest since July 2019, driven by an uptick in major markets Italy, Germany, and Spain, while registrations of battery electric cars fell marginally.The European Automobile Manufacturers Association (ACEA) said a rise in registrations of battery electric cars in Belgium and Italy, of 50.4% and 117.4% respectively, failed to offset double digit declines in Germany, the Netherlands and France.

Commodities:

Gold prices slipped on Friday, but were on track for a fourth straight weekly gain as expectations that the Federal Reserve was likely to cut U.S. Oil prices fell on Friday, setting up for a second weekly decline, as mixed economic signals weighed on investor sentiment and boosted the dollar.

Currency: The dollar was steady and poised to snap a two-week losing run on Friday as U.S. labour and manufacturing data kept traders pondering on when and by how much the Federal Reserve would cut rates this year.

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