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Market Review

US:

Wall Street stocks tumbled again Friday following a plunge in Netflix shares that sent the Nasdaq further into correction territory, spurring questions of just how far the market will fall. After a bruising session on European bourses, all three major US indices fell, led by the Nasdaq which lost 2.7% on Friday alone. The tech-focused index is down about 15 percent since its November record.

Asia:

Asia-Pacific markets traded lower on Monday as investors looked ahead to the U.S. Federal Reserve’s monetary policy meeting this week.

India:

Global headwinds continued to weigh on Indian equities on Friday as the benchmarks ended in the negative territory for a fourth straight session. The BSE Sensex closed with a 427- point drop at 59,037, with 10 index constituents ending in the green zone. The index had breached the 59,000 mark to hit an intra-day low of 58,621 earlier in the day. The Nifty50 gave up the 17,650 mark to end at 17,617, down 140 points. The broader markets bled even more with both the BSE midcap and smallcap indices closing 2% lower each on the BSE. The fear gauge, India VIX, soared 6% to end near the 19 mark. Market is expected to open gap down note and likely to witness selling pressure during the day.

Economy:

The US Leading Economic Index rose 0.8% last month after advancing 0.7% in November. The U.S. LEI ended 2021 on a rising trajectory, suggesting the economy will continue to expand well into the spring. For the first quarter, headwinds from the Omicron variant, labor shortages and inflationary pressures, as well as the Fed's expected interest rate hikes, may moderate economic growth. The German government will cut its economic growth forecast for this year to 3.6% from its October estimate of 4.1%, according to a draft of the annual economic report.

Commodities:

 Oil prices jumped on Monday as geopolitical tensions in Eastern Europe and the Middle East heightened concerns about an already tight supply outlook, while OPEC and its allies continued to struggle to raise their output. Gold was little changed on Monday, as investors awaited the U.S. Federal Reserve's meeting for confirmation on its interest rate hike path, while concerns over inflation and Russia-Ukraine tensions keeping bullion's safe-haven allure intact. 

Currency

The dollar traded steady on Monday ahead of the U.S. Federal Reserve's January policy meeting later this week.

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