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Market Review:

US

The Dow Jones Industrial Average traded sideways on tuesday and pared earlier gains to close near break-even. Meanwhile, the S&P 500 also pared an earlier gain after notching a fresh all-time high. The Nasdaq composite led the upside on Tuesday

Asia:

Asian markets were in positive territory on Wednesday, with oil prices continuing to rise. Meanwhile, China released its data on manufacturing activity in the morning.

India:

Investors booked profits in cyclical stocks as growing concerns about new coronavirus outbreaks in Asian countries, undercutting an economic recovery, worried investors. Besides, valuation concerns regarding Indian equities flagged by global agency HSBC and economic growth concerns raised by S&P, in the wake of the second wave of Covid-19 pandemic, added to investor woes. S&P cut India's FY22 GDP growth forecast to 9.5% from 11% predicted earlier and said that permanent damage to private and public sector balance sheets will constrain growth over the next couple of years. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

The U.S. labor market is entering one of its strangest summers ever, with a powerful economic rebound generating record demand for workers just as roadblocks distort employment and wage levels. The June jobs report, due Friday, is forecast to show that the picture is improving, somewhat. The median forecast of economists is for a 695,000 gain in payrolls -- more than in each of the prior two months, which undershot expectations. The jobless rate likely edged down to 5.7%, compared with 3.5% pre-pandemic.

Commodities:

Oil closed higher with OPEC+ ministers divided ahead of a key meeting later this week on production policy. Gold prices held steady on Wednesday as investors were cautious ahead of U.S. jobs data due later this week, but prices were set to post their worst month since November 2016 on the U.S. Federal Reserve's shift to a hawkish policy stance.

Currency:

The dollar clung to recent gains on Wednesday as virus woes raised concerns in a market already on edge ahead of U.S. jobs data seen as crucial to the Federal Reserve's monetary policy outlook.

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