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Market Review

US:

US stocks finished mildly lower on the first trading day of August as investors started questioning whether the rally has further steam to go. Dow lost 0.14%, S&P closed 0.28% lower and Nasdaq lost 0.18% at close

Asia:

Asia-Pacific stocks fell on Tuesday as South Korea’s inflation rose and investors look ahead to the Reserve Bank of Australia’s interest rate decision.

India:

Indian indices continued to move higher on Monday taking cues from global markets. Auto names along with strength in market heavyweight RIL helped indices to log close to one percent gains

Market is expected to open gap down and likely to witness profit booking during the day

Global Economy:

: U.S. manufacturing activity slowed less than expected in July and there were signs that supply constraints are easing, with a measure of prices paid for inputs by factories falling to a two-year low, suggesting inflation has probably peaked. While the Institute for Supply Management survey on Monday showed a measure of factor employment contracting for a third straight month, Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee, noted that "companies continue to hire at strong rates, with few indications of layoffs, hiring freezes or headcount reduction through attrition."

Brazil posted a lower than expected trade surplus of $5.444 billion in July, official data showed on Monday, with growth in imports again strongly outpacing that of exports. Imports rose 41.6% in July over the same month last year, to $24.511 billion, the Economy Ministry said. Exports grew by 23%, to $29.955 billion, added the ministry, stressing that higher prices boosted the results in both cases

Commodities:

Oil prices edged lower on Tuesday, extending losses from the previous session, as investors worried about global oil demand following weak manufacturing data in several countries.

Gold hit a four-week high on Tuesday, as a weaker dollar and a dip in U.S. Treasury yields boosted demand for the safe-haven metal amid mounting worries over an economic slowdown.

Currency:

The dollar continued its decline on Tuesday, falling to its lowest in two months against the recovering Japanese yen and losing ground on other peers, as investors continued to position for a less aggressive pace of Federal Reserve interest rate hikes.

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