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Market Review

US:

The stock market weakened in the final two hours of trading Monday. The Nasdaq composite where megacap techs are a bigger influence — closed 2.5% lower. The S&P 500 fell 0.8% after paring losses. Both closed near session lows. The Dow Jones Industrial Average was up 0.1%.

Asia:

Shares in Asia-Pacific were mixed in Tuesday trade, as investors monitored technology stocks regionally after their counterparts declined overnight on Wall Street.

India:

Indices were painted in the red for the fifth consecutive session as weak global cues, rising bond yields, and fears of Covid-19-led lockdown came to haunt the bulls on the Street. Meanwhile, elevated oil prices and stretched valuations also concerned investors. The frontline indices nursed the maximum loss (in absolute terms) in nearly two-months with the benchmark S&P BSE Sensex sinking 1,262 points in the intra-day trade while the Nifty50 lost 345 points. Market is expected to open gap up and likely to witness positive move during the day.

Economy:

German business morale rose far more than expected in February, bouncing back from a 6-month low in January thanks to a brighter industrial outlook and well-stocked order books. Business climate index increased to 92.4 from an upwardly revised 90.3 in January, hitting its highest level since October and surpassing even the strongest forecast. Investor morale in Germany surged in February on expectations consumption will take off in the coming months. British businesses have the strongest hiring intentions in a year and fewer are planning to make redundancies as the economic outlook has brightened over the past three months. 56% of businesses planned to increase staff numbers in the coming months, up from 53% in late 2020 but below the 66% planning to hire staff a year ago before the pandemic. The proportion of firms planning redundancies dropped sharply to 20% from 30% in the last quarter.

Commodities:

Oil prices jumped by more than $1 on Tuesday, as U.S. output was slow to return after a deep freeze in Texas shut in crude production last week. Gold prices hovered near a one-week peak on Tuesday after gaining 1.5% in the previous session, as U.S. Treasury yields retreated, lifting the appeal of the bullion.

Currency:

The dollar nursed losses near a six-week low on Tuesday while commodity currencies loitered around multiyear highs, as investors’ focus shifted to how U.S. Federal Reserve chief Jerome Powell might respond to resurgent inflation expectations.

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