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Market Review

US:

Wall Street ended sharply higher on Wednesday after Federal Reserve Chair Jerome Powell signaled the central bank would likely raise interest rates less than some investors had feared

Asia:

Asian shares crept higher on Thursday after reassuring comments from the Federal Reserve helped Wall Street rally, though the war in Ukraine sent oil and resource prices spiralling ever higher in a grim omen for global inflation.

India:

Indian equity benchmarks recovered initial losses in a volatile session on Monday, extending gains to a second straight day, ahead of the release of the country's official GDP data. Gains in metal, IT and oil & gas powered the recovery in headline indices, though losses in financial and auto shares limited the upside. Market is expected to open gap down and is likely to witness selling pressure during the day.

Global Economy:

Federal Reserve chair Jerome Powell said he is inclined to support a 25 basis point rate increase at the March policy meeting but said the central bank is prepared to move more aggressively later if inflation does not abate as expected. Activity in China's services sector in February expanded at the slowest pace in six months, as the sprawling industry reels from the government's tough containment measures to stop the spread of local COVID-19 outbreaks.The Caixin/Markit services PMI dropped to 50.2 in February Euro zone inflation soared to another record high last month, intensifying a policy dilemma for the European Central Bank, which will need to convey a sense of calm amid war-related market turmoil but also respond to mounting price pressures.Inflation in the 19 countries sharing the euro accelerated to 5.8% from 5.1% in January, the highest figure in the bloc's two decades

Commodities:

Oil prices extended their rally on Thursday, with Brent rising above $116 a barrel, as trade disruption and shipping issues from Russian sanctions over the Ukraine crisis sparked supply worries while U.S. crude stocks fell to multi-year lows. Gold prices were flat on Thursday as risk appetite improved after the U.S. Federal Reserve chairman tried to assuage fears about aggressive interest rate hikes, offsetting safe-haven demand spurred by the Russia-Ukraine conflict.

Currency:

The euro was pinned near a 21-month low on Thursday by worries that Russia's invasion of Ukraine will hurt European growth, while commodity currencies hit multi-week highs as export prices surged..

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