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Market Review

US:

Wall Street stocks rose on Tuesday and US government bond prices fell, as investors looked ahead to tighter monetary policy from the Federal Reserve.

Asia:

Shares in Japan led gains in Asia-Pacific during Wednesday morning trade, as investors monitored oil prices and continued to assess the outlook for U.S. Federal Reserve monetary policy.

India:

Bulls staged a comeback on Dalal Street in a highly volatile session. After swinging between gains and losses, benchmark indices ended higher with Nifty above 17,300, led by auto, bank, IT, oil & gas stocks. BSE Sensex ended 696.81 points or 1.22% higher at 57,989.30, and the Nifty 50 was up 197.90 points or 1.16% at 17,315.50. Market is expected to open gap up and to witness positive move during the day

Global Economy:

Mexico's central bank is set to raise its benchmark interest rate this week for the seventh consecutive time, following in the footsteps of the U.S. Federal Reserve as inflation soars, a Reuters poll showed. analysts expect the Bank of Mexico, also known as Banxico, to raise its key rate by 50 basis points to 6.50%. One participant projected the central bank would increase the rate by only 25 basis points and another projected a 75-point hike. The European Union raised over 12 billion euros ($13.24 billion) in a debt sale on Tuesday, as investors wait to see if the bloc will unveil a new joint borrowing plan to tackle member states' funding needs following the invasion of Ukraine. The bloc drew over 59 billion euros in demand for a new 10-year bond backing its coronavirus recovery fund, which raised 10 billion euros

Commodities:

Oil prices turned higher on Wednesday, erasing losses from the previous session, after industry data showed U.S. crude stocks fell last week, underlining how tight global supplies are amid the hit to Russian output from economic sanctions on Moscow. Gold prices fell on Wednesday as U.S. Treasury yields gained after Federal Reserve officials insisted on sharper interest-rate hikes to combat inflation, although concerns over the Ukraine crisis slowed bullion's decline.

Currency:

The Australian dollar marched higher and the Japanese yen continued its slide on Wednesday, as markets turned more positive on riskier assets and high commodity prices drove developments.

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