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Market Review

US: US equity markets ended mixed Wednesday as new orders for durable goods increased more than expected.

Asia: Asia-Pacific markets took a breather after two straight days of rallies, mirroring moves on Wall Street ahead of firstquarter GDP figures from the U.S. due Thursday.

India: Indian shares declined for a second day in a row on Wednesday with benchmark Sensex dropping by 535 points owing to selling in HDFC Bank and IT shares amid weak global trends. Markets are expected to open on a flattish note and likely to remain sideways move during the day.

Global Economy: Sales of new U.S. single-family homes rebounded in March from Feb's downwardly revised level, drawing support from a persistent shortage of previously owned houses on the market, but momentum could be curbed by a resurgence in mortgage rates. The report from the Commerce Department showed the median house price jumped to a seven month-high from Feb, likely as fewer builders offered price cuts and sales shifted to higher priced homes. Rising prices and mortgage rates could make housing even more unaffordable, especially for first-time buyers. The South Korean economy grew at the fastest pace in more than two years in the first quarter beating all estimates with a pick-up in domestic consumption and robust exports, but the market questioned if the recovery was sustainable. GDP for the Jan-March quarter was 1.3% higher than the preceding three months on a seasonally adjusted basis, the sharpest expansion since the fourth quarter of 2021.

Commodities: Gold prices were stuck in a tight range on Thursday as investors looked to U.S. economic data for further clarity on the Federal Reserve's interest rate path. Oil prices eased in early trade on Thursday as concerns about a potential slowdown in the U.S. economy amid prospects for delayed interest rate cuts outweighed worries over the risk of expanding conflict in the Middle East.

Currency: EUR/USD hovers around the 1.0700 psychological level on Thursday during the early Asian session. The modest uptick of the major pair is supported by the softer US Dollar.

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