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Market Review

US:

The S&P 500 slumped Tuesday, unable to mark its one-year bull run in style as fresh lockdowns in Europe muddied the outlook for global economic growth, souring investor appetite for cyclical stocks.

Asia:

Asian stocks were poised to follow Wall Street lower on Wednesday as the cost of the U.S. stimulus and infrastructure plans and new pandemic curbs limited investors' risk appetite.

India:

Benchmark Indian equity indices closed higher on Tuesday, with the Sensex ending the day at 50,051.44, up 280.15 points, or 0.56%, while the Nifty was at 14,814.75, up 78.35 points, or 0.53%. Banks and financials gained after the Supreme Court refused to interfere with the government and the RBI’s decision on the loan moratorium scheme, declining to extend the six-month moratorium period. Market is expected to open gap down and likely to witness negative move during the day.

Global Economy:

An expansion of Japan's factory activity gathered pace in March, a private sector survey showed on Wednesday, helped by the prospect of a global economic recovery as an increasing number of countries roll out COVID19 vaccines. But the service sector remained much more gloomy, with businesses suffering from the coronavirus pandemic's fallout even after the government lifted a state of emergency in the Tokyo region.

The au Jibun Bank Flash Japan Manufacturing PMI rose to a seasonally adjusted 52.0 in March from a final 51.4 in February. Sales of new U.S. single-family homes dropped more than expected in February amid bitterly cold weather, which also weighed on activity in other parts of the economy last month. The new home sales plunged 18.2% to a seasonally adjusted annual rate of 775,000 units last month. January's sales pace was revised up to 948,000 units from the previously reported 923,000 units.

Commodities:

Oil was mixed Wednesday morning in Asia, as investors continue to digest an increase in U.S. crude oil stockpiles. Gold prices eased on Wednesday, as the dollar touched a more than two-week high after U.S. Federal Reserve Chair Jerome Powell reassured Congress that inflation would not spiral out of control.

Currency:

The safe-haven U.S. dollar approached a four-month high on Wednesday as concerns over a third COVID-19 wave in Europe, potential U.S. tax hikes and escalating tensions between the West and China sapped risk appetite.

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