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Market Review

US:

The US stock market was closed Monday to mark Presidents Day

Asia:

Asian shares advanced on Tuesday, putting world equities on course to extend their bull run for a 12th consecutive session as optimism about the global economic recovery and expectations of low interest rates drive investments into riskier assets.

India:

The markets closed the day on a high note with the Sensex crossing the 52000 mark, with both Sensex and Nifty closing with a gain of more than 1%. What moved the markets was the Bank Nifty, which climbed by 3.65% to 37,425, a significant surge from the 31,000-32,000 levels where it was basing itself for a couple of weeks. Market is expected to open flattish note likely to witness sideways move during the day.

Economy:

Japan's economy expanded more than expected in the fourth quarter, extending the recovery from its worst postwar recession thanks to a rebound in overseas demand that boosted exports and capital spending. The world's thirdlargest economy grew an annualised 12.7% in OctoberDecember, government data showed on Monday, exceeding a median market forecast of 9.5%.

It was slower than the revised 22.7% surge the previous quarter, when the economy got a lift from pent-up demand after a previous state of emergency was lifted in May. Australia's central bank believes it will take a significant and sustained tightening in the labour market to lift inflation to more comfortable levels, a tough task that could take years to achieve.

Saudi Arabia will no longer sign contracts with foreign companies which do not have a regional headquarters in the kingdom after 2023.The policy, which comes into effect on Jan 1. 2024, is designed to encourage foreign firms to open a permanent, in-country regional presence that would help create local jobs, SPA reported.

Commodities:

Oil prices rose on Tuesday as a cold front shut wells and refineries in Texas, the biggest crude producing state in the United States, the world's biggest oil producer. Gold prices remained range bound.

Currency:

The dollar was slightly down on Tuesday morning in Asia, with the pound rising to an almost three-year high over increasing vaccine optimism. Rising oil prices and the general optimism for a global economic recovery from COVID-19 boosted currencies exposed to commodities and trade

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