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Market Review

US:

US stocks fell on Tuesday amidst rising tension with China on US house speakers visit to Taiwan. Markets also saw some profit taking on Fed comments of taking inflation head on. Dow fell 1.23%, S&P lost 0.67% and Nasdaq closed 0.16% lower.

Asia:

Shares in the Asia-Pacific were mostly higher Wednesday as geopolitical tensions between the U.S. and China intensified over U.S. House Speaker Nancy Pelosi’s visit to Taiwan.

India:

Indian indices see-sawed between gains and losses after very strong rally of July to end the day near flat line. PSU banks along with power and auto stocks gained some momentum at the expense of IT and Realty names. Markets also took a breather ahead of all important RBI policy meet.

Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

China's services activity grew at the fastest rate in 15 months in July as easing COVID curbs boosted consumer confidence, but foreign demand fell and companies cut staff for the seventh month in a row, a private-sector survey showed on Wednesday. The Caixin services purchasing managers' index (PM) rose to 55.5 in July, the fastest growth since April 2021, rising further from the robust reading of 54.5 in June. 

Japan's services sector activity almost completely stagnated in July as rising inflation and growing economic uncertainty weighed on sentiment, while firms also said a boost from the lifting of COVID-19 pandemic curbs had faded. The marked slowdown in activity in the sector offered an early warning sign that Japan's economy may struggle to stage a convincing recovery, a worrying trend for a country greatly exposed to fluctuations in global growth

Commodities:

Oil prices fell about 1% in early trade on Wednesday, reversing gains from the previous session ahead of a meeting OPEC+ producers on fears of a slowdown in global growth hitting fuel demand and a firmer dollar

Gold slipped on Wednesday as the dollar and U.S. Treasury yields advanced after hawkish comments from Federal Reserve officials hinted at continuing aggressive interest rate hikes in the near term.

Currency:

The U.S. dollar remained elevated on Wednesday following its biggest surge in three weeks against major peers overnight, with Federal Reserve officials talking up the potential for further, aggressive interest rate hikes.

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