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Market Review

US:

US stocks lost steam on Wednesday after markets hit alltime highs, with the three major gauges closing mixed as investors debated the health of the economy and the chances of another jumbo rate cut.

Asia:

Asia-Pacific share indices continued to gain on Thursday as weak Japanese yen, and China stimulus supported two large stock markets in the region.

India:

On Wednesday, the Indian stock market indices ended higher, with the benchmark Nifty 50 closing above the 26,000 level for the first time. Market is expected to open on a positive note and likely to witness range bound move during the day.

Global economy:

Turkish households' expectations for annual inflation 12 months ahead stood at 71.6% in September, the central bank said on Wednesday, down 1.5 points from a month earlier. Market participants' expectations for annual inflation 12 months ahead fell by 1.2 points to 27.5% in September, the data showed, leaving a wide gap with households. The real sector's inflation expectations for the same period dropped 2.7 points to 51.1% in September, it also showed. The central bank has said that one factor determining when it will begin easing policy is the extent to which households' and the real sector's expectations converge with its and the market's view. Australian consumer price inflation slowed to a three-year low in August thanks to government rebates on electricity, while core inflation hit its lowest since early 2022 in welcome progress that could open the door to rate cuts. Market reaction was restrained because the central bank already said it would look through the decline in headline inflation, which is temporary and not enough to justify rate cuts in the near-term.

Commodities:

Oil prices were little changed on Thursday after falling in the previous session as signs of higher fuel demand and falling stockpiles in the U.S., the world's biggest oil user, offset concerns over demand elsewhere, particularly in China. Gold prices steadied on Thursday after hitting a record high on the previous session, aided by the expectations for another big rate cut by the U.S. Federal Reserve, while traders await Federal Reserve Chair Jerome Powell's comments for further hints on the policy outlook.

Currency:

The dollar held firm on Thursday following its sharpest rally since early June as traders looked ahead to speeches from key Federal Reserve policy makers later in the day for clues on the pace of interest rate cuts.

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