U.S. stocks were mixed after the close on Monday, as gains in the Utilities, Telecoms and Financials sectors led shares higher while losses in the Technology, Healthcare and Consumer Goods sectors led shares lower.
Asian stocks were set for a strong open on Tuesday, helped mostly by global recovery prospects and the passage of a $1.9 U.S. trillion stimulus bill, shaking off a mixed Wall Street session after a big downturn in tech shares.
After a strong start, benchmark Indian indices pared gains, taking cues from Asian peers which also faltered on rising bond yields and oil prices despite positive sentiments around the progress of the US stimulus package. The Sensex closed at 50,441.07, up 35.75 points or 0.07%, while the Nifty ended the day at 14,956.20, up 18.10 points or 0.12% Nifty is expected to open gap up likely to witness positive move during the day.
Japan's economy expanded at a slower-than-initiallyreported pace in October-December, with firms tightening spending on plant and equipment and sharply cutting inventories as the coronavirus pandemic hit demand.
The economy grew an annualised 11.7% in October-December, weaker than the preliminary reading of 12.7% annualised growth to mark the second straight quarter of growth British consumers cut back heavily on spending as they spent a second month in a COVID-19 lockdown in February but confidence in the economy hit a 12-month high, payment card firm Barclaycard said.
Consumer spending was 13.8% lower than a year before, similar to January's plunge of around 16% U.S. wholesale inventories increased solidly in January even as sales surged and it is taking wholesalers the shortest time in six years to clear shelves, a sign of strengthening demand that aligns with expectations for faster economic growth this year.
The Commerce Department said that wholesale inventories rose 1.3% as estimated last month. Stocks at wholesalers gained 0.6% in December. The component of wholesale inventories that goes into the calculation of gross domestic product also increased 1.3% in January.
Oil prices rose on Tuesday on expectations of a recovery in the global economy after U.S. Senate approval of a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventory in the United States Gold prices hovered around a nine-month low on Tuesday, as a firmer dollar and higher U.S. Treasury yields continued to diminish the metal's appeal.
The U.S. dollar held near a 3 1/2-month high against its rivals on Tuesday as higher bond yields and expectations of faster economic normalisation from the pandemic in the United States put the U.S. currency at an advantage.
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