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Market Review

US:

The US stock markets closed higher on Tuesday on the expectation that the Ukraine tensions might subside, as Russia said some troops near Ukraine's borders would begin returning to their bases. Wall Street indices S&P 500 rose 1.6%, Dow Jones surged nearly 1.2%, while tech-heavy Nasdaq gained 2.5%.

Asia:

Shares in Asia-Pacific rose in Wednesday morning trade, as investors react to China’s inflation data. Meanwhile, tensions appeared to ease between Russia and Ukraine, boosting markets.

 India:

Benchmark indices recouped all the losses incurred yesterday, and were back in the green for the year, as reports of withdrawal of Russian troops from Ukranian border soothed investor nerves. Crude oil prices also dropped around 3 per cent in the later half of the session, providing further comfort to equity investors. The BSE Sensex climbed 1,736 points, or 3,08%, to end at 58,142 levels while the Nifty50 closed at 17,352, up 510 points. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Economy:

Euro zone economic growth slowed sharply quarter-on-quarter as expected in the last three months of 2021 as activity was hit by another wave of COVID-19 infections and surging prices that cut into disposable incomes. GDP in the 19 countries sharing the euro rose 0.3% quarter-on-quarter in the October-December period for a 4.6% year-on-year increase. At the same time euro zone employment rose 0.5% quarter-onquarter for 2.1% year-on-year rise. A jump in energy prices hit the euro zone's trade balance hard pushing it into a seasonally unadjusted trade deficit of 4.6 billion euros in December from a surplus o 28.3 billion a year earlier as exports rose 14.1% while imports surged 36.7%

Commodities:

Oil fell after Russia said some troops are starting to return to their permanent bases, easing geopolitical tensions that have rallied prices. Gold prices slipped on Wednesday, pulling further away from an eight-month peak scaled in the previous session, as signs of a slight de-escalation in the Russia-Ukraine standoff diminished the appeal of safe havens.

Currency

The euro held on to overnight gains in early Asian trade on Wednesday having jumped on reports that some Russian forces had moved away from the Ukraine border, though, with tensions still elevated, the common currency failed to make further progress.

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