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Market Review

US:

The Dow Jones Industrial Average gained 230 points as President Joe Biden met with GOP senators to discuss coronavirus stimulus plans.

Asia:

Asian markets looked set for a modestly firmer start on Tuesday as global markets faced another chaotic week.

India:

No tinkering with the direct taxes, capital gains taxes or security transaction tax, and no announcement of Covid tax on super-rich left bulls untamed at the bourses who managed to entirely reverse previous week's losses and clock the sharpestever Budget rally, in absolute terms, on Monday. Market is expected to open gap up and likely to witness positive move during the day.

Global Economy:

Global manufacturing activity remained resilient in January although some countries suffered amid a resurgence in coronavirus infections, underscoring the fragile and uneven nature of the economic recovery. Factories across parts of Europe, as well as in China and Japan, struggled as renewed lockdown measures alongside supply shortages hurt activity.

In the euro zone, IHS Markit's final Manufacturing PMI fell to 54.8 in January from December's 55.2, although that was a touch above the 54.7 estimate. PMI readings for Asia suggest that manufacturing sectors improved further in most places. Buoyant global demand for electronics should continue to support the sector for at least the next few months. China's manufacturing activity expanded at the slowest pace in seven months in January, weighed down by falling export orders.

Euro zone unemployment was stable at 8.3% of the workforce in December, despite continued coronavirus lockdowns in most euro zone countries. Still, 13.671 million people were out of work in the 19 countries sharing the euro in December, up from 13.616 million in November. In Belgium, Ireland, Cyprus, Lithuania, the Netherlands, Portugal and Slovakia the number of people unemployed actually fell in December, but it rose slightly in other countries, such as Germany, France and Italy.

Commodities:

Oil was up Tuesday morning in Asia, climbing to its highest level in more than two weeks as a strong market and expectations of a global economic recovery from COVID-19 spurring fuel demand recovery hopes. The gold market is seeing little reaction to slowing momentum in the U.S. manufacturing sector, according to the latest data from the Institute for Supply Management (ISM).

Currency:

The safe-haven dollar found support at the start of a new week with traders remaining wary amid the battle on Wall Street between hedge funds and retail investors.

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