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Market Review

US: U.S. stocks rebounded from earlier losses Thursday to finish the day little changed after one Fed official's comments gave markets a lift following so-so jobs data.

Asia: Shares in Asia were broadly flat before a monthly U.S. payrolls report that will help define the path forward for Federal Reserve interest rates.

India: India's benchmark stock indices snapped two days of losses to end higher on Thursday, led by advances in Larsen & Toubro Ltd. and ICICI Bank Ltd. Media, information technology, and consumer durables rose, while public sector banks fell. Market is expected to open positive note and likely to witness positive move during the day

Global Economy: In a significant development this Thursday, the long-end of the bond market is seemingly concluding its final round of rate hikes, resulting in a notable jump in US 10-year yields from 4.00% to 4.72%. This shift underscores the market's focus on short-term rates and the potential implications for the Federal Reserve's monetary policy. Futures markets are also reflecting these expectations, with indications of a reduced probability of an interest rate hike. Specifically, chances of a 22% rate hike in November have diminished, and the likelihood of any increase reaching 37% this year appears less likely

The U.S. trade deficit narrowed more than expected in August as exports increased solidly, likely positioning trade to support economic growth in the third quarter. The trade deficit contracted 9.9% to $58.3 billion, the lowest level since September 2020, the Commerce Department said on Thursday. Data for July was revised to show the trade gap rising to $64.7 billion instead of $65.0 billion as previously reported

Commodities: Gold paused near a seven-month low on Friday after declining for nine straight sessions, as investors held their breath for U.S. nonfarm payrolls data that could determine whether interest rates will be raised again. Oil prices were on track for their steepest weekly decline since March despite rising in early trade on Friday, on growing worries that higher-for-longer interest rates could stoke a global economic slowdown and curb fuel demand.

Currency: The dollar dipped on Friday but traders were largely keeping to the sidelines in both the currency and US Treasury markets as they looked to US nonfarm payrolls data later in the day for potential catalysts.

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