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Market Review

US:

U.S. stocks rallied into the close Friday to wrap up a rollercoaster week, buoyed by rebounding technology stocks.

Asia:

Asian share markets made a cautious start to a week that is likely to see a rise in UK interest rates and mixed reports on U.S. jobs and manufacturing, while surging oil prices added to worries over inflation.

 India:

Domestic equity market benchmarks BSE Sensex and Nifty 50 began Friday’s trading session in the green but bears regained control in the dying hour of trade, forcing the indices to give up all gains. S&P BSE Sensex ended 76.71 points or 0.13% lower at 57,200 while Nifty 50 closed at 17,101.95, down 8.2 or 0.05%. Market is expected to open gap up and likely to witness positive move during the day. 

Global Economy:

Japan's factory output shrank for the first time in three months in December as a decline in machinery outweighed a small rise in car production, casting a cloud over the strength of the economic recovery. Retail sales posted their third straight month of yoy gains in December. Record infections this month driven by the Omicron variant, however, are expected to have hit consumer sentiment. Factory production lost 1.0% in December from the previous month, pulled down by a decline in output of general-purpose and production machinery. China’s economy continued to slow at the start of the year, with manufacturing output slipping and Covid-19 outbreaks curbing consumer spending. The official purchasing managers’ surveys showed a moderation in factory production and services in January.

Commodities:

Oil rose 1% on Monday, hovering near 7-year highs hit in the previous session, amid concerns over tight supply as well as geopolitical tensions in Eastern Europe and the Middle East. Gold prices fell for a fourth consecutive session on Monday and were set for their biggest monthly drop since last September, as the U.S. dollar strengthened ahead of key central bank meetings, making bullion more expensive for holders of other currencies.

Currency

The dollar was near a year-and-a-half high against the euro on Monday with equities markets volatility expected to push it higher in the short-term as traders eyed upcoming Australian, UK and European central bank meetings.

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