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Market Review

US:

The Dow Jones Industrial Average traded slightly higher in today's stock market as stocks pared earlier losses. Tech stocks led on the downside.

Asia:

Shares fell across Asia-Pacific markets on Wednesday as investors turned cautious, despite remarks overnight from Federal Reserve Chair Jerome Powell that attempted to ease some worries around higher interest rates and inflation.

India:

Bulls were back in action on D-Street after a five-day hiatus as a decline of over 4% in the past five sessions addressed investors' concern on the valuation front. That said, rise in Brent crude (now over $66 per barrel), bond yields, and concerns over commodity-induced inflation capped gains. The benchmark S&P BSE Sensex closed at 49,751 levels, up just 7 points. Market is expected to open gap up and likely to witness positive move during the day.

Economy:

In Europe, more expensive services and industrial goods led a rebound in inflation in January after months of falling prices, offsetting the downward pull of cheaper energy. Consumer prices rose 0.2% month-on-month for a 0.9% year-on-year increase, as expected by economists. Volatile energy prices were 3.8% higher on the month but still 4.2% lower than a year earlier and unprocessed food was 1.2% more expensive on the month and 2.0% year-on-year. Without these two volatile components, consumer prices fell 0.3% against December and were 1.4% higher than in January 2020. British retail sales fell in the year to February as stores cut jobs at a rapid rate, with only supermarkets reporting any growth during the latest COVID-19 lockdown. The Confederation of British Industry's gauge of retail sales stood at -45, up only slightly from January's eight-month low of -50. Retailers' expectations for March - when non-essential shops will remain closed to the public as part of lockdown measures - fell to -62, the lowest since the series began in 1983.

Commodities:

Oil prices fell in early trade on Wednesday after industry data showed U.S. crude inventories unexpectedly rose last week as a deep freeze in the southern states curbed demand from refineries that were forced to shut. Gold prices inched higher on Wednesday as Federal Reserve Chair Jerome Powell said the central bank would keep monetary policy accommodative as the U.S. economy still needed support.

Currency:

The dollar was down on Wednesday morning in Asia, sliding to a three-year low against the GBP and recording losses against commodities currencies, as increased bets that the global economic recovery from COVID-19 whet investors’ risk appetite.

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