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Market Review

US:

US markets fell Thursday (July 11), snapping a multiday run of records as investors pivoted towards underbought equities and away from artificial intelligence names. This shift came as the yield on US Treasury bonds fell further amid rising expectations of interest rate cuts following better US inflation data.

Asia:

Most Asian markets were trading lower on Friday amid positive inflation reports from the US, as the Japanese yen strengthened against the dollar on speculation of intervention.

India: Indian benchmark indices ended marginally lower in the volatile session on July 11, ahead of US inflation data due later in the day. At close, the Sensex was down 27.43 points or 0.03 percent at 79,897.34, and the Nifty was down 8.50 points or 0.03 percent at 24,316. Market is expected to open on a positive note and likely to witness range bound move during the day.

Global economy:

Britain's economy grew more quickly than expected in May, providing some momentum for the new government of Prime Minister Keir Starmer but adding to doubts about whether the Bank of England will cut interest rates next month. Economic output increased by 0.4% in May, after zero growth in April. A Reuters poll of economists had pointed to a 0.2% monthly increase. U.S. inflation slowed marginally in June on an annual basis, and a gauge of core prices closely watched by the Federal Reserve also slowed, pointing to a cooling of pricing pressures. The U.S. consumer price index rose 3.0% in June on an annualized basis. Economists had expected the number to fall to 3.1% from 3.3% in May. Natural disasters in China resulted in 93.16 billion yuan ($12.83 billion) worth of direct economic loss in the first half of this year, as the country suffered flooding, drought and extreme temperature. The Emergency Management Ministry said disasters affected 32.38 million people over January-June and led to the disappearance or death of 322 people.

Commodities:

Oil prices rose in Asian trade on Friday amid optimism over U.S. interest rate cuts and improved summer demand, but were still set for weekly losses on some profittaking. Gold prices eased on Friday but headed for a third straight weekly rise, after cooler-than-expected U.S. inflation data sparked hopes that the Federal Reserve will likely start cutting interest rates in September.

Currency:

The yen was volatile Friday as the Bank of Japan conducted so-called rate checks with traders, reinforcing perceptions that authorities intervened in the market on Thursday to prop up the currency.

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