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Market Review:

US

The S&P 500 dipped on Tuesday, with declines in healthcare and tech shares countered by energy and financial gains, as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation.

Asia:

Asian shares edged up to near three-month highs on Wednesday and global equities held steady near a record as data showing higher U.S. manufacturing activity in May cheered investors looking for signs of a continued rebound in the world's largest economy.

India:

Equity benchmark Sensex jumped over 250 points in early trade on Tuesday, tracking gains in index-heavyweights HDFC twins, Reliance Industries and SBI amid a mixed trend in other Asian markets..Market is expected to open on a flattish note and likely to witness sideways move during the day

Economy:

Australia's economy extended its rapid recovery in the first quarter as consumers and businesses spent with abandon, lifting output back above where it was last year when pandemic lockdowns tipped the country into recession.The economy expanded by a real 1.8% in the three months to December. Economists in a Reuters poll had forecast a 1.5% rise following an upwardly revised 3.2% gain in the fourth quarter. South Korea's consumer inflation accelerated to a more than nine-year high in May, reinforcing calls for gradual monetary tightening, though the increase was mainly due to a low base effect and rises in oil and agricultural prices.Consumer prices rose 2.6% in May from a year earlier, logging the fastest growth since April 2012. It grew 2.3% in April.

U.S. construction spending increased less than expected in April as gains in private homebuilding were blunted by losses in outlays on nonresidential structures and public projects.The Commerce Department said on Tuesday that construction spending rose 0.2% after surging 1.0% in March. Construction spending, which accounts for about 4% of gross domestic product, jumped 9.8% on a year-on-year basis in April.

Commodities:

Oil edged up in Asia after closing at the highest level since October 2018 as OPEC+ provided an upbeat assessment of the demand outlook and the prospect of a speedy return of Iranian barrels to the market waned. Gold prices on Wednesday retreated from a near five-month high marked in the previous session, as an uptick in bond yields weighed on the safe-haven metal while strong U.S. economic data prompted the shift back into riskier assets.

Currency:

The dollar clung to small gains from overnight on Wednesday, edging back from near a five-month trough versus major peers, as a pick up in U.S. manufacturing kept bets alive for a quicker normalisation of Federal Reserve policy.

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