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Market Review:

US

The Dow and S&P 500 fell on Tuesday, with financials and other groups closely tied to economic growth leading declines, while the Nasdaq edged higher to another closing record.

Asia:

Asian stocks fell Wednesday and Treasuries held an advance as concern over the economic recovery from the pandemic, virus variants and China’s scrutiny of the technology sector sapped sentiment.

India:

Benchmark indian equity indices closed in red after touching record highs during day's trade. The Sensex reached a new high of 53129.37, before closing 0.04% lower on Tuesday. Meanwhile, the Nifty crossed the 15,900-mark yet again only to close 0.10% lower. Market is expected to open gap down and likely to witness profit booking during the day.

Global Economy:

.U.S. services industry activity grew at a moderate pace in June, likely restrained by labor and raw material shortages, resulting in unfinished work continuing to pile up. non-manufacturing activity index fell to 60.1 last month from 64.0 in May, which was the highest reading in the series' history.

Taiwan reported on Tuesday its unemployment rate hit a more than seven-year high of 4.15% in May, when curbs began being imposed on the entertainment and hospitality sectors to help stop the spread of COVID-19 cases. May's jobless rate was the highest since October of 2013, when it hit 4.17%.

Commodities:

Oil was mixed Wednesday morning in Asia, but remained above the $73 mark, as a production dispute between Saudi Arabia and the United Arab Emirates (UAE) continues. The dispute has stalled efforts by the Organization of the Petroleum Exporting Countries and allies (OPEC+) to raise production as the fuel demand outlook brightens. Gold prices edged lower on Wednesday after hitting a threeweek peak in the previous session, as a rebound in the dollar weighed on the safe-haven metal ahead of the release of minutes from the U.S. Federal Reserve's June policy meeting.

Currency:

The dollar gained against a basket of peer currencies on Tuesday following the U.S. Independence Day long weekend as traders positioned themselves ahead of the release of the minutes from the U.S. Federal Reserve's pivotal June meeting.

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