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Market Review

US: US stocks closed slightly higher on Wednesday, as fresh inflation data reinforced investor hopes that the Federal Reserve is done raising interest rates, while retail stocks were boosted by an upbeat forecast from Target.

Asia: Asian markets were trading mixed on Thursday as investors digested high-level discussions between U.S. President Joe Biden and Chinese President Xi Jinping, while it was left to be seen if optimism about further signs of cooling U.S. inflation would carry through the day.

India: The Indian benchmark indices erased all the previoussession losses and ended on a positive note on Wednesday, amid buying across the sectors.

Market is expected to open positive note and profit booking may be seen at higher levels during the day.

Global Economy: China's new home prices fell for the fourth month in October, official data showed on Thursday, as government support measures did little to lift the gloom hanging over the country's consumers and its debt-laden property sector. New home prices fell 0.3% month-on-month after a 0.2% dip in September.

U.S. retail sales fell in October, though by less than expected, after months of strong gains, pointing to slowing demand that could further strengthen expectations that the Federal Reserve is done hiking interest rates. Retail sales slipped 0.1% last month, the Commerce Department's Census Bureau said on Wednesday. Data for September was revised higher to show sales increasing 0.9% instead of the previously reported 0.7% rise. Economists polled by Reuters had forecast retail sales would fall 0.3%

Commodities: Gold prices were flat in early Asian hours on Thursday as the dollar firmed after strong U.S. retail sales data, offseting support from hopes that the Federal Reserve had come to the end of its tightening cycle.

Oil prices extended losses into Asian trade on Thursday after a bigger-than-expected weekly build in U.S. crude stockpiles, while signs of easing demand in China also weighed.

Currency: The dollar held its ground early on Thursday after a volatile two days that saw sharp declines followed by a rebound as traders took incoming economic data as signalling the Federal Reserve will wait longer before cutting interest rates.

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