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Market Review

US:

The S&P 500 and the Nasdaq edged slightly lower from record levels on Wednesday as energy and financials rose but some big tech stocks limited gains amid an ongoing rotation of portfolio holdings.

Asia:

Asia Pacific stocks were down on Thursday morning, with investors digesting weaker-than-expected American inflation data and its implications for the reflection trade betting on economic recovery from COVID-19..

India:

Indian markets ended flat today amid a volatile session. The NSE Nifty 50 index rose as much as 0.39% in early trade and fell up to 0.87% in the afternoon, before ending flat 15,106. The S&P BSE Sensex closed 20 points lower at 51,309, after swinging 666.64 points intra-day. The broader markets however closed with decent gains. The BSE midcap index rose 0.7% while smallcap 0.4%. Market is expected to open gap down and likely to witness negative move during the day.

Global Economy:

U.S. consumer prices rose moderately in January and underlying inflation remained benign as the pandemic continues to be a drag on the labor market and services industry. The consumer price index increased 0.3% last month after climbing a revised 0.2% in December. In the 12 months through January the CPI rose 1.4% after gaining a revised 1.3% December.

Economists had forecast the CPI rising 0.3% and increasing 1.5% yoy. Prior to the revision, the CPI was previously reported to have increased 0.4% in December and advanced 1.4% yoy. U.S. wholesale inventories increased more than initially thought in December, even as sales accelerated.

The wholesale inventories rose 0.3% in December instead of gaining 0.1% as reported last month. Stock at wholesalers was unchanged in November. The component of wholesale inventories that goes into the calculation of gross domestic product shot up 0.7% in December. Inventories fell 1.6% in December from a year earlier.

Commodities:

Oil prices took a breather, having enjoyed the longest winning streak in two years amid producer supply cuts and hopes vaccine rollouts will drive a recovery in demand. Gold inched lower on Thursday as weaker U.S. inflation data diminished bullion's appeal, although a softer dollar and lower Treasury yields kept the losses in check.

Currency:

The U.S. Dollar held losses, oil prices fell while treasuries will not trade until London open.

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