The Adani Group, a conglomerate founded by Indian businessman Gautam Adani, has been accused by Hindenburg Research of perpetrating "the largest con in corporate history." The group lost over $100 billion in market value and Adani's personal net worth has plummeted by over $50 billion following the report's publication.

The market reacted positively to Fed Chair Jerome Powell's dovish speech on Wednesday, with the Nasdaq and S&P 500 gapping higher and reaching five-month highs a day after. The Dow, on the other hand, fell as a result of declines in some major healthcare stocks.


The S&P 500 and Nasdaq Composite ended higher on Thursday, with the communications services sector jumping 6.7%, its biggest daily gain in almost three years, while the energy sector fell 2.5% and healthcare dropped 0.7%. Amazon missed its EPS target by more than 87% due to charges related to self-insurance liabilities, impairments, and estimated severance costs that pushed its operating income lower.


Gold prices dived by 1.92% to 1912.58 on Thursday as the dollar rebounded from a nine-month low and unemployment claims improved. It is the worst drop in eight months, and the market is expected to push gold lower next week as raging bull hit the stock market.


China's independent refineries are importing more discounted fuel oil blended from Russian barrels due to attractive discounts and as a low-cost feedstock. Western sanctions over Russia's invasion of Ukraine and price caps on refined products have pushed Russian fuel oil barrels eastward into Asia, mainly through Malaysia to China.


Most Asian currencies weakened on Friday, with the Chinese yuan falling 0.2% and the Singapore dollar falling 0.2%. The dollar rose sharply following strong readings on weekly unemployment claims, while the euro and British pound hinted at a potential pause in their rate hike cycles this year.