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Market Review

US:

In US, the S&P 500 and the Nasdaq 100 rose the most since Sept. 19 after a stronger-than-expected jobs report boosted hopes of a soft-landing.

Asia:

Asian markets opened higher tracking gains in the US market and as they await the policy decisions of the region.

India:

India's benchmark equity indices recorded their worst weekly loss in over two years amid rising tensions in the Middle East. Market is expected to open on gap up note and likely to witness range bound move during the day.

Global economy:

Vietnam experienced its most robust economic growth in two years during the third quarter, ending in September. This impressive performance was driven by strong exports, industrial production, and a surge in foreign investment, which helped counteract the impact of Asia’s strongest typhoon this year. According to the government’s General Statistics Office, the country’s gross domestic product (GDP) grew by 7.4% yoy in the third quarter, surpassing the revised 7.09% growth in the second quarter. September’s data revealed a 10.7% increase in exports and a 10.8% rise in industrial production compared to the previous year. Additionally, foreign investment inflows for the first nine months of the year increased by 8.9%, reaching $17.3 billion. The U.S. economy is expected to add about 140,000 jobs in September, down from the monthly average of 202,000 over the past year. The unemployment rate is projected to stay at 4.2%. This slowdown indicates a resilient but slightly cooling labor market, influenced by tighter monetary policies and global economic uncertainties. Overall, the outlook remains stable yet cautious.

Commodities:

Gold prices slightly decreased as a strong U.S. jobs report led to lowered expectations for a large Fed rate cut. Market participants are now waiting for upcoming inflation data and comments from Federal Reserve officials. In other markets, silver, platinum, and palladium saw slight gains. Key economic data from Germany, the UK, and France is also expected. Oil prices reduced after hitting a yearly high due to regional war tensions in the Middle East. Brent crude futures fell to $77.62 per barrel, and U.S. West Texas Intermediate crude slipped to $74.03 per barrel. Profit-taking and fears of Israeli retaliation against Iran influenced the market trend. OPEC has spare capacity to mitigate supply disruptions.

Currency:

Japan's yen fell to its lowest in nearly two months and other major currencies too were grappling with losses early on Monday as the dollar extended a rally sparked by Friday's strong U.S. jobs data and an escalation in the Middle East conflict.

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