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Market Review

US:

The Dow Jones Industrial Average closed virtually at breakeven, in friday's stock market after paring earlier gains.

Asia:

Stocks in Asia-Pacific mixed in Monday trade as China left its benchmark lending rate unchanged over the weekend.

India:

Extending their decline into the fourth straight day on the back of rising bond yield, higher commodity price, disappointing US jobs data, and extended profit-booking, benchmark indices ended friday with over a cut of 0.9%. Broader markets, too, gave up their winning ways and ended in the red. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Economy:

U.S. factory activity slowed in early February likely as a global semiconductor chip shortage hurt production at automobile plants, while prices of inputs and manufactured goods soared, which could heighten fears of strong inflation growth this year. U.S. manufacturing PMI dropped to 58.5 in the first half of this month from a final reading of 59.2 in January. Extreme weather in large parts of the United States was also blamed. The data was in line with economists' forecasts. U.S. Services sector PMI edged up to 58.9 from a final reading of 58.3 in January. The highest reading since March 2015 came as new COVID-19 infections and hospitalization rates dropped, allowing authorities to roll back some restrictions on consumer-facing businesses. Cost burdens for services businesses increased at their steepest pace since October 2009, leading to firms boosting their selling prices at the sharpest rate on record. U.S. home sales unexpectedly rose in January despite tight inventories boosting house prices. existing home sales increased 0.6% to a seasonally adjusted annual rate of 6.69 million units last month. Sales have been increasing even as contracts have been declining. Economists had forecast sales to fall by 1.5% to a rate of 6.61 million units in January.

Commodities:

Oil prices rose on Monday as the slow return of U.S. crude output that was cut by frigid conditions raised concerns about supply just as demand is coming back from the depths of the coronavirus pandemic. Gold prices edged higher on Monday to recover from an over seven-month low touched in the previous session as the dollar weakened, although higher U.S. Treasury yields capped bullion gains.

Currency:

The U.S. dollar fell to a three-year low against its Australian counterpart and teetered near three-year low against the British pound as progress in curbing coronavirus infections boosted sentiment for riskier assets.

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