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Market Review

US:

U.S. stocks fell, extending their April losses, as investors digested earnings reports from leading companies and weighed concerns about inflation and the spread of Covid-19 in China. Asia: Shares in Asia-Pacific were mixed in Wednesday morning trade after overnight losses saw the tech-heavy Nasdaq Composite sliding to a fresh low for 2022.

Asia:

Shares in Asia-Pacific were mixed in Wednesday morning trade after overnight losses saw the tech-heavy Nasdaq Composite sliding to a fresh low for 2022.

India:

A relief rally in global markets helped the Indian equities snap their two-day losing streak. The S&P BSE Sensex surged 777 points, or 1.37%, to end at 57,357 levels on Tuesday while the Nifty50 shut shop at 17,200, up 246 points or 1.45%. Market is expected to open gap down and likely to witness sideways move during the day..

Global Economy:

U.S. Treasury yields retreated Tuesday morning, with investor focus remaining on the Covid-19 outbreak in China and concerns over a global economic slowdown. The yield on the benchmark 10-year Treasury note fell 8.9 basis points to 2.74%. The yield on the 30-year Treasury bond moved 5.12 basis points lower to 2.842%. The potential drag on economic growth from higher inflation and rising interest rates also remains a concern for investors. In US, home prices increased 19.8% in February year over year, that is up from the 19.1% annual increase in January and is the third-highest reading in the index’s 35-year history. While mortgage rates began rising slowly at the start of this year, they didn’t really take off sharply higher until March. Given that this reading is a three-month running average through February, it doesn’t show much of an impact from rates

Commodities:

Oil prices rose in early Asian trade on Wednesday, extending gains from the previous session after China's central bank said it would support its economy. Gold prices eased on Wednesday as the dollar held ground at its highest in more than two years and pressured demand for greenback-priced bullion.

Currency:

The dollar stood at its highest level since the early days of the pandemic on Wednesday and was heading for its best month since 2015, supported by the prospect of U.S. rate hikes and on safe-haven flows fanned by slowing growth in China and Europe.

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