The market is expected to open on a flattish note and likely to witness range bound move during the day - Nirmal Bang Ltd
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Market Review
US:
The S&P 500 and Nasdaq Composite rose slightly on Thursday as investors prepared for next week’s interest rate decision from the Federal Reserve.
Asia:
Asian stocks are falling in early trading due to a weak performance on Wall Street the previous day, which particularly affected tech stocks and bonds.
India:
Indian markets close higher as IT stocks help Sensex and Nifty break a four-day losing run. A weaker rupee and expectations of a U.S. rate cut support the tech rally, while financials weigh on the indices. The market is expected to open on a flattish note and likely to witness range bound move during the day.
Global economy:
Japanese household spending unexpectedly slumped at the fastest pace in nearly two years in October, raising concerns about the economic outlook as the Bank of Japan gears up for a rate hike as early as this month. Consumer spending fell 3.0% in October from a year earlier. The first decrease in six months and falling at the steepest pace since January 2024. It was worse than the median market forecast for a 1.0% rise.
The number of Americans filing new applications for unemployment benefits fell to a more than three-year low last week, allaying fears of a sharp deterioration in labor market conditions after independent surveys showed job losses in November. Difficulties adjusting the weekly jobless claims data around the Thanksgiving holiday could have accounted for some of the unexpected decline.
Ireland’s domestic economy grew by 2.3% in the third quarter compared to the previous three months, while the more volatile gross domestic product (GDP) was 0.3% lower following an early year surge, Central Statistics Office (CSO) data showed. With Ireland’s large multinational sector often distorting GDP, officials prefer to use modified domestic demand (MDD) to gauge the strength of the economy and the quarterly growth was almost entirely driven by an 8.3% jump in modified investment.
Commodities:
WTI oil prices were heading for weekly gains of close to 2% in early trading on Friday, supported by an expected Federal Reserve interest rate cut, escalating U.S.- Venezuela tensions and stalled peace talks in Moscow.
Gold prices held steady on Friday, as rising U.S. Treasury yields offset support from a weaker dollar, while markets awaited U.S. inflation data later in the day for clues into the Federal Reserve's policy outlook ahead of its meeting next week.
Currency:
The U.S. dollar languished not far from a five-week low against its major peers on Friday as investors braced for a Federal Reserve rate cut next week.
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