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Market Review

US:

The US stock markets made up early losses to closed flat on Wednesday after minutes from the Federal Reserves latest meeting showed policymakers still leaning toward moving decisively to fight inflation. S&P 500 gained slightly, while the Dow Jones and the Nasdaq edged lower.

Asia:

Stocks in Asia-Pacific were mixed in Thursday trade as investors continue to monitor the situation surrounding Ukraine.

 India:

Equity markets ended an extremely volatile day on a subdued note as investors monitored the situation between Russia and Ukraine. Although reports suggested that Russian military vehicles were leaving the annexed Crimea, Western officials and the Ukrainian President urged caution in taking Russia's claims at face value. In view of this, the BSE benchmark Sensex oscillated 789 points intra-day before closing at 57,997, down 145 points or 0.25%. The NSE Nifty also gyrated 233 points and eventually ended at 17,322, down 30 points or 0.17%. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Economy:

China's factory-gate inflation eased to its slowest pace in six months and consumer price growth also softened in January amid weakening property sector demand, new coronavirus curbs and government efforts to rein in surging materials costs. The producer price index (PPI) increased 9.1% from a year ago. British consumer prices rose at the fastest annual pace in nearly 30 years last month, intensifying the squeeze on households and reinforcing the chances that the Bank of England will raise interest rates for a third meeting in a row. The annual rate of consumer price inflation rose to 5.5% in January, the highest since March 1992.

Commodities:

Oil slid more than 2% in early Asian trade on Thursday after both France and Iran said parties are closer to an agreement to salvage Iran's 2015 nuclear deal with world powers, offsetting ongoing concerns over the situation in Ukraine. Gold steadied on Thursday near an eight-month high touched earlier this week, as the U.S. dollar and Treasury yields dipped on less hawkish-than-feared Federal Reserve minutes, and as the Ukraine crisis boosted demand for the safe-haven metal.

Currency

The euro was weighed down on Thursday after a U.S. official said Russia was increasing troop numbers near its border with Ukraine rather than withdrawing, offsetting a boost it had caught overnight from a modest retreat in U.S. rate hike expectations.

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