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Market Review

US:

U.S. stocks ended near flat on Tuesday after a broad sell-off the day before, with worries over troubles at developer China Evergrande and caution ahead of Wednesday's Federal Reserve policy news keeping a lid on the market.

Asia:

Asian stock markets made a cautious start on Wednesday and the dollar held firm amid lingering nerves about the fallout from a looming failure at developer China Evergrande and anticipation the Federal Reserve may move a step closer to tapering.

India:

Benchmark Indian equity indices ended higher as a global sell-off, sparked by concerns over China's Evergrande crisis, moderated on Tuesday. The Sensex closed 514.34 points, or 0.88%, higher at 59,005.27, while the Nifty rose 165.10 points or 0.95% to end the session at 17,562. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

Argentina raised the country's minimum wage to 31,104 Argentine pesos ($316.51) a month starting in September, as persistent inflation eats away at purchasing power. In October, the minimum monthly wage will rise to 31,938 Argentine pesos, and then to 32,616 Argentine pesos in February 2022. Overall in 2021, the minimum wage will have risen 55.3%.

The U.S. current account deficit increased to a 14-year high in the second quarter as businesses boosted imports to replenish depleted inventories amid robust consumer spending. The current account deficit, which measures the flow of goods, services and investments into and out of the country, rose 0.5% to $190.3 billion last quarter. That was the largest shortfall since the second quarter of 2007. Data for the first quarter was revised to show a $189.4 billion gap, instead of $195.7 billion as previously reported.

Commodities:

Oil prices rose around 1% on Wednesday, extending overnight gains, after industry data showed U.S. crude stocks fell more than expected last week in the wake of two hurricanes, highlighting tight supply as demand improves. Gold prices were flat on Wednesday amid rising uncertainties triggered by China Evergrande’s debt crisis and anticipation of policy cues from the U.S. Federal Reserve on its timeline for reducing stimulus for the world’s largest economy.

Currency:

The dollar held below a near one-month high on Wednesday as investors focused on two key risks -- a default by Chinese property developer Evergrande and the expected pace of U.S. monetary policy tightening.

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