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Market Review

US:

The Dow Jones industrials were down 0.7% after trading higher most of the afternoon. The Nasdaq lost nearly 2.2% while the S&P 500 fell 1.3%. The small-cap Russell 2000 traded 1.6% lower

Asia:

Shares in Asia-Pacific were mixed in Monday morning trade as investors monitor a Covid wave in China. Meanwhile, oil prices continued to be volatile amid the Russia-Ukraine war.

India:

Benchmark indices bucked the weak Asian trend and rose on Friday as the Assembly elections' euphoria extended into a second day. However, developments around the Ukrainian war, commodity prices, and the US inflation data kept the markets volatile through the day. The S&P BSE Sensex hit a high of 55,834 in early deals but eased off to end at 55,550, up 86 points or 0.15%. The Nifty50, on the other hand, settled at 16,630, up 35 points or 0.2%. Market is expected to open gap down and likely to witness selling pressure during the day.

Global Economy:

U.S. consumer sentiment fell more than expected in early March as gasoline prices surged to a record high in the aftermath of Russia's war against Ukraine, boosting one-year inflation expectations to the highest level since 1981. The University of Michigan's preliminary consumer sentiment index dropped to 59.7 in the first half of this month, the lowest reading since September 2011, from a final reading of 62.8 in February. The British public's expectations for the rate of inflation in a year's time rose to the highest since 2008, although the increase in longer-term expectations has been less marked. The median inflation expectation for 12 months' time rose to 4.3% in February's survey from 3.2% in November, its highest since August 2008.

Commodities:

Oil prices extended last week's decline to fall by about $4 a barrel during early trade on Monday after a U.S. official said Russia was showing signs it might be willing to have substantive negotiations over Ukraine. Gold prices fell on Monday, dragged by firmer U.S. Treasury yields and improved risk appetite on hopes of peace between Russia and Ukraine.

Currency:

The yen slid to a new five-year low on Monday, ahead of a bumper week of central bank meetings around the world which will almost certainly reaffirm the Bank of Japan's position as one of the last dovish central banks standing.

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