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Market Review

US:

US stocks gained after minutes of the Federal Reserve's July policy meeting showed that some of the decision maker acknowledged the need to cut rates.

Asia:

Asia-Pacific markets rose on overnight gains in US stocks on Thursday. Investors in the region are awaiting the Bank of Korea's policy decision. India: Indian benchmark stock indices ended Wednesday's choppy session on a positive note, with the NSE Nifty 50 recording a five-day winning streak as ITC Ltd. and Bharti Airtel Ltd. gained. Market is expected to open on a positive note and likely to witness range bound move during the day.

Global economy:

South Korea's central bank kept interest rates unchanged on Thursday but signalled it was ready to start easing policy as price pressures and growth eased, raising expectations for a rate cut at its October meeting. The Bank of Korea held the benchmark interest rate at 3.50% Germany's federal and regional state governments' tax revenue fell strongly in July compared with the same month last year due to a sharp decline in revenue from sales taxes, the finance ministry said on Thursday. The federal and state governments' tax revenue decreased by 7.9% year-on-year to a total of 63.8 billion euros ($70.91 billion) in July, according to the ministry's monthly report. The German economy unexpectedly contracted by 0.1% in the second quarter, showing the continuing struggles of the euro zone's biggest economy. The U.S. economy added significantly fewer jobs than first reported during the past year, after a sharp revision to previously published data, likely cementing the probability of an interest rate cut by the U.S. Federal Reserve next month. The Bureau of Labor Statistics revised down March 2024’s employment gains by 818,000 positions earlier in the session, as part of the agency’s annual benchmark review of payroll data. When spread through the prior year, that amounts to about 68,000 fewer net jobs added per month.

Commodities:

Oil prices fell in Asian trade on Thursday, extending a run of recent losses as weak U.S. labor data fueled concerns over an economic slowdown in the country and largely offset optimism over interest rate cuts. Gold price holds steady above the $2,500 psychological mark during the Asian session on Thursday and remains close to the all-time peak touched earlier this week.

Currency:

The dollar traded near the lowest in more than a year against the euro and sterling on Thursday as a dovish Federal Reserve and fresh signs of weakness in the U.S. job market backed the case for interest rate cuts.

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