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Market Review

US:

U.S. stocks were higher after the close on Monday, as gains in the Technology, Industrials and Oil & Gas sectors led shares higher.

Asia:

Asian shares are poised to rally on Tuesday as a halt in a recent bond markets sell-off calmed investor nerves and lifted riskier assets, although oil prices were on the defensive on fears of slowing Chinese energy consumption.

India:

With bond markets calming down, and positive developments with respect to the US stimulus. Asian markets saw a strong start. Indian benchmark indices bounced back from the volatility of last week, as the Sensex and Nifty rose around 1.5% on Monday. Market is expected to open gap up and likely to witness positive move during the day.

Economy

U.S. manufacturing activity increased to a three-year highin February amid a surge in new orders, but factories continued to face higher costs for raw materials and other inputs amid labor shortages at suppliers as the pandemic drags on. The acceleration reported was despite a global semiconductor chip shortage, which has hurt production at automobile plants. Other data showed construction spending surged to a record high in January,boosted by strong private and public outlays. The pace of expansion in Brazil's manufacturing sector picked up again in February after three months of deceleration, driven by strong increases in new orders and production. Employment also picked up as firms looked to meet rising demand, while supply constraints pushed price pressures back up again. IHS Markit's headline manufacturing PMI rose to 58.4 in February from 56.5 in January, marking the ninth consecutive month of growth.

Commodities:

Oil was down Tuesday morning in Asia, with all eyes on Thursday’s Organization of the Petroleum Exporting Countries and allies, or OPEC+, meeting to discuss output. Gold prices edged higher on Tuesday as a retreat in U.S. Treasury yields and optimism over the $1.9 trillion coronavirus relief bill lifted the allure of the non-yielding metal.

Currency:

The dollar stood firm against its low-yielding peers on Tuesday on bets of a faster economic recovery and greater tolerance of higherU.S. bond yields, while the Australian dollar looked to guidance from thecountry's central bank.

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