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Market Review

US:

Stocks rallied Tuesday, as the Dow Jones Industrial Average soared nearly 500 points after President Joe Biden and 10 Republican senators held "productive" stimulus talks late Monday.

Asia:

Shares in Asia-Pacific mostly dipped in Thursday trade following another positive session overnight for the S&P 500 stateside.

India:

Benchmark indices hit new milestones on Wednesday as economic recovery hopes on the back of a growth-driven Budget, positive global cues, and healthy FII buying continued to please investors. Besides, expansion of Services PMI for the fourth straight month at 52.8 in January, relative to 52.3 in December, also boosted sentiment. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

U.S. private payrolls rebounded more than expected in January, suggesting the labor market recovery was back on track after the economy shed jobs in December as soaring COVID-19 infections hurt operations in the leisure and hospitality industry.

The stronger-than-expected rise in hiring was likely driven by the nearly $900 billion in additional pandemic relief provided by the government in late December. Private payrolls increased by 174,000 jobs last month after dropping by 78,000 in December. Economists had forecast private payrolls would rebound by 49,000 in January. U.S. services industry activity raced to its highest level in nearly two years in January, with growth in new orders and employment accelerating, raising cautious optimism that the beleaguered sector was turning the corner.

The nonmanufacturing activity index increased to a reading of 58.7 last month. That was the highest reading since February 2019 and followed 57.7 in December. The index is now above its prepandemic level. Economists had forecast the index at 56.8.

Commodities:

Oil prices edged higher on Thursday after the OPEC+ alliance of major producers stuck to a reduced output policy at a meeting on Wednesday, and as crude stockpiles in the United States fell to their lowest levels since March last year. Gold and silver prices edged lower on Thursday, weighed down by a stronger dollar, while investors awaited the passage of a massive stimulus package in the United States.

Currency:

The dollar was slightly up on Thursday morning in Asia but trading close to a two-month high against both the euro and yen. Pessimism over the U.S economic recovery from COVID-19 receded ahead of the release of the U.S. payrolls report.

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