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Market Review

US:

The S&P 500 ended lower Monday, as tech stocks slipped on a jump in Treasury yields, offsetting a jump in energy and financials.

Asia:

Asia Pacific stocks were mostly down on Tuesday morning, with investors digesting soaring U.S. Treasury yields that weighed on U.S. counterparts, alongside an oil rally that triggered inflationary concerns.

India:

Domestic equity market benchmarks BSE Sensex and Nifty 50 ended flat with a positive bias on Monday. BSE Sensex ended at a record closing high at 60,078, while the Nifty 50 index ended flat at 17,855, a new closing high. Market is expected to open on flattish note and likely to witness sideways move during the day.

Economy:

Profits at China's industrial firms grew at a weaker pace in August from a year earlier, slowing for a sixth consecutive month, as manufacturers struggled with high commodity prices, COVID-19 and shortages in some key components. Profits rose 10.1% on year to 680.3 billion yuan ($105 billion) last month compared with a 16.4% gain in July.

Orders placed with U.S. manufacturers for business equipment strengthened in August, extending to six months a solid run of robust capital investment that’s helping fuel economic growth. The value of core capital goods orders, which exclude aircraft and military hardware and is seen as a barometer of business equipment investment, increased 0.5% after an upwardly revised 0.3% a month earlier.

Commodities:

Oil was up Tuesday morning in Asia but eased after a five-day rally. Investors took profits as fears that higher prices that could weaken fuel demand increased, even as market sentiment remained firm amid a tight supply globally. Gold prices eased on Tuesday, hurt by a stronger dollar and rising U.S. Treasury yields, while investors awaited more cues from Federal Reserve officials on the central bank’s monetary policy shift.

Currency:

The yen traded near an almost three-month low to the dollar and reached a two-week trough versus the euro on Tuesday, as rising bond yields in the U.S. and Europe lured Japanese investors.

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