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Market Review

US:

US markets were closed on account of US Independence Day 2024 on July 4, which is a federal holiday.

Asia:

Asian markets were mostly up, with Japan’s key benchmark hitting new highs on Friday, after scaling record peaks in the previous session.

India:

The benchmark equity indices extended their record rally for the second consecutive session but ended little changed on Thursday as gains in information technology shares were offset by losses in HDFC Bank Ltd. The NSE Nifty 50 ended 15.65 points, or 0.06%, up at 24,302.15, while the S&P BSE Sensex was 62.87 points, or 0.08%, up at 80,049.67, closing above the 80,000 mark for the first time. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

Canada's services economy moved back into contraction in June as a decline in new business weighed on the sector's performance even as inflation pressures cooled, according to S&P Global Canada services PMI data. The headline business activity index fell to 47.1 from 51.1 in May, posting its lowest level since March. A reading below 50 signals deterioration in activity. The reading for May was the first time in a year that the index had been above the 50 threshold. Japanese household spending unexpectedly fell in May as higher prices continued to squeeze consumers' purchasing power, complicating the central bank's decision on how soon to raise interest rates. Many analysts expect consumption to rebound in coming months as big wage hikes offered by companies and a tax break aimed at cushioning the blow from rising living costs reach households. But the soft reading underscores the fragile nature of consumption, and casts doubt on the Bank of Japan's (BOJ) view a solid economic recovery will keep inflation durably around its 2% target - a prerequisite for raising interest rates.

Commodities:

Gold prices edged up on Friday and were set for a second straight weekly gain, while traders awaited U.S. employment data to gauge the trajectory of the Federal Reserve's potential interest rate cuts. Oil prices were little changed in Asian trade on Friday but were on track for a fourth straight week of gains and holding near their highest levels since late April on hopes of strong summer fuel demand and some supply concerns.

Currency:

The U.S. dollar was hovering near three-week lows on Friday ahead of payrolls data that will likely influence the outlook for rates, while the pound was firm as the Labour party looked set to win a massive majority in the UK general election.

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