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Market Review

US:

US stocks rallied on Tuesday recovering from its worst weekly sell-off in two years. Dow gained 2.15%, S&P added 2.45% and NASDAQ closed 2.50% higher.

Asia:

Equities were mixed in Asia on Wednesday with a downward bias amid warnings about the risk of an economic downturn.

India:

Indian indices continued to recover for second day in a row led by IT, Metal and Banking names. Mid and Small cap stocks also made a strong comeback post sharp sell-off on Monday. Nifty closed above 15600, Sensex added nearly 934 points at the close. Market is expected to open gap down and likely to witness volatile move during the day.

Global Economy:

Federal Reserve Chair Jerome Powell's guidance that the U.S. central bank will most likely raise interest rates by 50 or 75 basis points in July is "reasonable," Richmond Fed President Thomas Barkin said, even as he cautioned against the bank moving so fast that it damages the economy. The Fed is poised to deliver another bigger-thanusual rate hike at its next meeting in July as it seeks to tame inflation running at more than three times its 2% goal, with fears growing that the economy will tip into recession as a result.

U.S. President Joe Biden said a potential suspension of the federal gasoline tax would have some, but not significant, impact on highway funds. Biden said he would decide by the end of the week on whether to ask Congress to suspend the tax to help with high gas prices. The revenue from the gas tax is used to help fund highway and other transportation projects.

Commodities:

Oil prices skidded in early trade on Wednesday amid a push by U.S. President Joe Biden to bring down soaring fuel costs, including pressure on major U.S. firms to help ease the pain for drivers during the country's peak summer demand. Gold eased on Wednesday, as the dollar and Treasury yields firmed, but prices were range-bound as investors awaited fresh cues on top central banks' monetary policy plans, especially from the U.S. Federal Reserve.

Currency:

The yen hit a fresh 24-year low against the dollar on Wednesday, having taken another tumble overnight as U.S. bond yields continued to rise, in stark contrast to Japan's stubbornly low interest rates.

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