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Market Review

US: The stock market indexes all posted gains and closed near the highs of the day Friday. U.S. big bank stocks fell following Deutsche Bank's (DB) sell-off caused by a steep climb in the cost of credit default swaps, an insurance to cover debt default.

Asia: Asia-Pacific markets were mixed on Monday as investors continue to assess the impact of the banking troubles in the U.S and Europe.

India: The Indian equity benchmark indices BSE Sensex and Nifty 50 ended in red for second straight session on Friday led by BFSI and Oil & Gas.

Market is expected to open gap up and likely to witness positive move during the day.

Global Economy: Profits at industrial firms in China declined 22.9% in the first two months of 2023 from the year before, as the factory sector struggles to claw its way out of the slump caused by COVID-related disruptions. The contraction followed a 4.0% fall in industrial profits for the whole of 2022, pointing to a downbeat start to the year for factories at large.

Business activity across the euro zone unexpectedly accelerated this month as consumers splashed out on services, but weakening demand for manufactured goods deepened the downturn in the factory sector. The bloc will dodge a recession and indicates the 20-nation region's economy is resilient in the near term at least, potentially giving the European Central Bank room to continue tightening policy. The ECB will fulfil its 2% inflation mandate and monetary policy must be stubbornly tight to get the job done.

New orders for key U.S.-manufactured capital goods unexpectedly rose in February, but data for the prior month was revised sharply down, suggesting that business spending on equipment could be struggling to rebound in the first quarter. The reports likely confirm that manufacturing is in recession, weighed down by higher borrowing costs. With financial conditions tightening following the recent failure of two regional banks, the outlook for both business investment and manufacturing is cloudy.

Commodities: Gold prices retreated on Monday as traders locked in profits after a strong run of gains, but remained near key levels hit last week as fears of a global banking crisis kept safe haven demand high

Oil prices kept to a tight range in Asian trade on Monday, hovering just above a 15-month low as markets waited for the next shoe to drop in a potential banking crisis

Currency: The dollar was firm on Monday, while the yen hovered near its seven-week peak as investors assessed moves made by authorities and regulators to rein in worries over the global banking system.

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