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Market Review

US: Disappointing earnings from companies including First Republic Bank and United Parcel Service helped interrupt a weekslong stretch of market calm on Tuesday, with stocks falling as investor concerns about the economy ticked upward.

Asia: Asia-Pacific markets were trading mixed on Wednesday after banking fears were reignited on Wall Street.

India: Indian shares ended Tuesday's session with minor gains with PSU Bank stocks and Power stocks taking the lead. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy: Sales of new U.S. single-family homes jumped to a one-year high in March, likely as a retreat in mortgage rates boosted demand. New home sales surged 9.6% to a seasonally adjusted annual rate of 683,000 units last month, the highest level since March 2022. February's sales pace was revised lower to 623,000 units from the previously reported 640,000. The housing market has been hard hit by the Federal Reserve's fastest interest rate hiking campaign since the 1980s. Australian inflation eased from 33-year highs in the first quarter as the cost of living saw the smallest rise in more than a year, while core inflation dipped below forecasts suggesting less pressure for another hike in interest rates. The consumer price index (CPI) rose 1.4% in the March quarter, the smallest increase since late 2021. The annual pace slowed to 7.0%, from 7.8%, suggesting inflation had finally peaked after two years of rapid acceleration in costs. For March alone, the CPI rose 6.3% on the year, down from 6.8% in February.

Commodities: Gold prices held steady around the key $2,000- per-ounce mark on Wednesday as investors maintained a cautious stance and sought more clarity on the Federal Reserve’s rate-hike trajectory from upcoming U.S. economic data. Oil prices rose in early Asian trade on Wednesday after a U.S. trade group reported a significant draw in crude oil stocks ahead of the government’s data release.

Currency: The U.S. dollar and the yen, both safe haven assets, were mostly steady after spiking higher overnight as renewed concerns over the U.S. banking sector and economy dented risk sentiment.

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