US market was closed yesterday
Asian share markets edged ahead on Tuesday as investors wagered China's economic strength would help underpin growth in the region, even as pandemic lockdowns threatened to lengthen the road to recovery in the West.
Dalal Street saw some strong selling in IT and financial stocks on Monday after news emerged of fresh Covid cases in China, which increased concerns about recovery of the global economy. This pulled the sensex down by 470 points, or 1%, to 48,564 at close.
The recent decision by the RBI to revert to a regular liquidity management system, which market players interpreted as going back to pre-pandemic levels, also left investors on the back foot. Market is expected to open gap up and likely to witness positive move during the day
China's state planner said that it will roll out more targeted measures to help companies, an official told reporters at a briefing. China also still needs to make efforts to maintain stable economic operations. U.S. President-elect Joe Biden plans to quickly extend travel restrictions barring travel by most people who have recently been in much of Europe and Brazil soon after President Donald Trump lifted those requirements effective Jan. 26.
The French central bank said it would exit from coal and limit exposure to gas and oil in its investment portfolio by 2024 as part of a shift towards more environmentally friendly assets. Many central banks have committed to green up their investment portfolios as part of a push to encourage the financial system to support a less environmentally damaging economy.
Brent crude futures edged up on Tuesday as optimism that government stimulus will buoy global economic growth and oil demand trumped concerns that renewed COVID-19 pandemic lockdowns globally could cool fuel consumption. Gold prices inched higher on Tuesday after hitting a 1-1/2- month low in the previous session, as hopes of further global stimulus to stem the economic toll from the COVID-19 pandemic countered a firmer dollar.
The dollar hovered around its highest in nearly one month on Tuesday with traders expecting U.S. Treasury Secretary nominee Janet Yellen to affirm a more traditional commitment to market-set currency rates when she testifies at Capitol Hill later.
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