Global Market Update

Advisory Bazaar Info Services

US equity markets closed strongly higher, gaining between 0.71% and 1.43%.

European markets also ended in the green with gains ranging from 0.78% to 0.96%.

Asian markets are trading with a positive bias today.

GIFT Nifty is up by 120 points, indicating that Nifty futures may open around 26,170 levels.

The main driver behind the rally in US markets was the sharp decline in Consumer Confidence, which recorded its biggest drop since April in the month of November, while September retail sales showed only limited growth. This indicates that the long-standing strength in consumer demand may now be cooling off.

These weaker economic data points have strengthened expectations of a Federal Reserve rate cut in December.

Asian markets are also trading in the green today as the soft US consumer data further boosted expectations of a Fed rate cut next month.

Crude oil prices remained steady near their one-month lows, mainly due to signs of progress toward a potential peace agreement in Ukraine.