IGI Logo

Market Review US:

Stocks fell sharply on Wednesday, with the Dow Jones Industrial Average posting its worst day in more than a month, as higher Treasury yields weighed on market sentiment.

Asia:

Asian markets traded lower tracking overnight losses on Wall Street and economic data in the region.

India:

Indian stock market indices are likely to open on a cautious note on Thursday tracking weak cues from global peers. Market is expected to open on gap up note and likely to witness positive move during the day.

Global economy:

Japanese business activity shrank in October, preliminary purchasing managers index data showed on Thursday, with both manufacturing and services sectors contracting through the month. The au jibun bank flash manufacturing PMI fell to 49.0 in October from 49.7 in September, also missing expectations for a print of 49.9. A reading below 50 indicates contraction, with the sector shrinking for a third consecutive month. Japan’s manufacturing sector has been facing increased headwinds from production disruptions in the country’s biggest automakers, as they grapple with a growing safety scandal. Weak local and overseas demand also saw order growth shrink during the month, as did employment. These factors weighed on service sector activity, which has so far helped keep overall Japanese business activity in expansion. In a surprising turn, the Energy Information Administration's (EIA) Crude Oil Inventories report has highlighted a significant increase in the number of barrels of commercial crude oil held by US firms. The actual increase tallied up to 5.474 million barrels, an unexpected jump that has implications for the oil market and potential impacts on inflation. This latest figure starkly contrasts with the forecasted increase of 0.800 million barrels, exceeding it by an astounding 4.674 million barrels.

Commodities:

Oil prices edged higher on Thursday, recouping some of the more than 1% losses from the previous session after U.S. crude inventories rose much more than estimated. Gold prices held steady on Thursday after scaling an all-time high in the previous session, with a stronger dollar and an uptick in U.S. Treasury yields offsetting support from safe-haven demand.

Currency:

The U.S. dollar traded close to a three-month high against major peers on Thursday, underpinned by expectations for a slower pace interest rate cuts by the Federal Reserve and growing bets of a possible second Donald Trump presidency.

Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
SEBI Registration number is INH000001766