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Market Review

US:

Stocks fell Monday after Federal Reserve Chairman Jerome Powell left the door open to the prospect of bigger rate hikes to bring down inflation, but equity benchmarks finished above session lows.

Asia:

Shares in Asia-Pacific rose in Tuesday morning trade. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.19% higher.

India:

Indian markets snapped their 2-day winning streak and ended lower on Monday as the Russia-Ukraine conflict failed to de-escalate despite several rounds of talks between the two nations. The benchmark S&P BSE Sensex had opened about 160 points higher but it quickly erased gains to trade flat. However, the selling intensified in the second half of the session bogged down by financial, auto, and FMCG players. The 30-pack index, eventually, ended 571 points lower at 57,292 levels. The Nifty50 slipped 169 points to shut shop at 17,118. It had hit an intra-day high of 17,353 and a low of 17,096. The trend in the broader market was mixed with the BSE MidCap index ending 0.7% down while the BSE SmallCap index added 0.4%. In comparison, the frontline indices fell 1%. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

German producer prices maintained their record-breaking rise in February, increasing 25.9% year on year mainly because of energy prices. The jump in factory gate costs was the biggest since 1949. The February figures continued a stretch of record increases since the office began compiling numbers, topping December and January's figures of 24.2% and 25% respectively. Energy prices were up 68% from February 2021.

Commodities:

Oil futures extended gains on Tuesday morning on news that some European Union members are considering imposing sanctions on Russian oil and gas attacks on Saudi oil facilities sent jitters through the market. Gold prices fell on Tuesday as U.S. Treasury yields hit fresh multi-year highs following Federal Reserve chair Jerome Powell's aggressive inflation stance, while safe-haven bullion remained underpinned by escalation in the Ukraine crisis.

Currency:

The yen fell through the psychological 120 level for the first time since 2016 on Tuesday, after a hawkish speech from Federal Reserve Chair Jerome Powell raised bets on higher U.S. interest rates and widened the policy gap on a dovish Bank of Japan.

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