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Market Review

US:

U.S. stocks closed slightly lower on Tuesday, a day after major indexes hit records and as investors readied for a slew of blue-chip earnings..

Asia:

Asian equities looked set to rise on Wednesday, bouncing back from a steep sell-off on Tuesday, while Australian stocks were seen opening weaker in a catchup after a Tuesday holiday.

India:

Domestic equity markets closed deep in red for the third consecutive time. After witnessing a volatile trading session, S&P BSE Sensex closed at 48,347 while Nifty 50 ended at 14,238.Market is expected to open gap down and likely to witness profit booking during the day

Economy:

Profits at China's industrial firms grew for the eighth straight month in December, suggesting a sustained recovery as the manufacturing sector rapidly emerged from its COVID-19 slump.Profits surged 20.1% year-on-year in December to 707.11 billion yuan ($109.40 billion), after rising 15.5% in Nov British retailers reported the biggest annual fall in prices since May this month, adding to signs of pressure on the sector since non-essential stores had to close to the public from Jan. 5 as part of renewed COVID lockdown measures.

The British Retail Consortium, said that its members saw average prices fall by 2.2% in January compared with a year earlier, the largest such fall since the depths of Britain's first lockdown in May U.S. consumer confidence rose moderately in January while lingering concerns about the COVID-19 pandemic led to a further deterioration in households' perceptions of the labor market, raising the risk of a second straight month of job losses.

The Conference Board's consumer confidence index increased to a reading of 89.3 this month from 87.1 in December. The slight gain likely reflected nearly $900 billion in additional pandemic relief provided by the government at the end of December, which lifted consumers' near-term expectations.

Commodities:

Oil prices climbed on Wednesday after industry data showed U.S. crude stockpiles fell unexpectedly last week and China, the world’s second-biggest oil user, reported its lowest daily rise in COVID-19 cases, bolstering hopes of a pickup in demand. Gold prices held steady on Wednesday ahead of the U.S. Federal Reserve's monetary policy decision due later in the day and as investors awaited a stimulus package in the world's largest economy.

Currency:

The dollar was trapped on the back foot against major peers on Wednesday as markets wait on comments from Federal Reserve Chair Jerome Powell, who is likely to renew a commitment to ultra-easy policy

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