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Market Review

US:

The US markets were closed on Thursday to mourn the death of former President Jimmy Carter.

Asia:

Asian equities edged lower with US futures ahead of jobs data that will help shape the outlook for Federal Reserve interest rates. Shares in Australia and Japan fell, while those in South Korea were little changed. India: The Indian equities ended lower for the second day in a row on Thursday as investors shed their risk appetite and raised guard before the start of the third-quarter earnings season. Market is expected to open on a negative note and likely to witness range bound move during the day.

Global economy:

Mexico's headline inflation rate eased more than expected in December, fueling bets that the central bank will keep cutting its benchmark interest rate despite an uptick in the core consumer price index. Annual headline inflation in Latin America's second-largest economy hit 4.21% last month, INEGI data showed, down from the November figure of 4.55%. Hiring announcements by U.S. employers last year were the lowest since 2015, confirming a sharp moderation in job growth over that period. Companies announced 769,953 hiring plans, down 1.3% from 2023. Hiring announcements dropped to 7,999 in December from 11,621 in November. Sluggish hiring accounted for the slowdown in job gains last year, with the unemployment rate jumping from 3.7% at the start of the year to 4.3% in July and then stabilizing, hovering at 4.2% in November. The United Nations forecasts the global economy will remain sluggish at 2.8% growth in 2025 due to weak investment, productivity issues, and high debt. Although lower inflation and eased monetary policies may help, uncertainties from geopolitical conflicts and trade tensions persist, especially affecting low-income countries.

Commodities:

Oil prices rose in Asian trade on Friday, recouping a bulk of their losses this week as cold weather in the U.S. and Europe pushed up hopes that demand for heating fuels will increase. Gold prices remained stable on Friday during early Asian hours, poised for their strongest week since mid-November, as investors awaited U.S. jobs data to gauge how aggressively the Federal Reserve might cut interest rates this year.

Currency:

The dollar looked set to extend its longest weekly winning streak in over a year on Friday, underpinned by rising bond yields and expectations of another strong set of U.S. jobs numbers.

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