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Market Review

US:

U.S. stocks closed lower on Monday, with few catalysts to sway investor sentiment as they approach the half-way point of a year in which the equity markets have been slammed by heightened inflation worries and tightening Fed policy.

Asia:

Asia Pacific stocks were mostly down on Tuesday morning after Wall Street fell and oil prices rose on tight supply concerns.

India: 

Indian equity benchmarks extended their winning run for the third straight session on Monday, as buoyancy across the global markets boosted sentiment.. Market is expected to open gap down and likely to witness profit booking during the day.

Global Economy:

New orders for U.S.-made capital goods and shipments increased solidly in May, pointing to sustained strength in business spending on equipment in the second quarter, but rising interest rates and tighter financial conditions could slow momentum. The nearly broad rise in orders reported by the Commerce Department occurred despite deteriorating business and consumer sentiment as well as heightened fears of a recession. The gains partly reflected higher prices. The Federal Reserve is aggressively tightening monetary policy to quell inflation. U.S. President Joe Biden on Monday raised the tariff rate on certain Russian imports to 35% as a result of suspending Russia's "most favored nation" trading status over its war in Ukraine, according to a proclamation issued by the White House. The higher 35% duty applies to imports of certain other products of the Russian Federation, the importation of which has not already been prohibited. Russia defaulted on its international bonds for the first time in more than a century, the White House and Moody's credit agency said, as sweeping sanctions have effectively cut the country off from the global financial system, rendering its assets untouchable.

Commodities:

Oil rose $2 a barrel on Monday on the prospect of even tighter supplies loomed over the market as the Group of Seven nations promised to tighten the squeeze on Russian President Vladimir Putin's war chest while actually lowering energy prices. Gold prices were nearly flat on Tuesday, as recent gains in Treasury yields prevented any significant interest in bullion.

Currency:

The euro won support on Tuesday as traders braced for European inflation figures to run hot this week and awaited a speech from central bank chief Christine Lagarde, while worries about a recession kept the U.S. dollar firm.

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