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Market Review

US:

U.S. stocks closed lower on Monday, adding to last week's sharp losses on nagging concerns about the Federal Reserve's determination to aggressively hike interest rates to fight inflation even as the economy slows.

Asia:

Shares in the Asia-Pacific were mixed on Tuesday after sharp falls to start the week following Fed Chair Jerome Powell’s hawkish speech in Jackson Hole.

India:

The Indian market fell around one and half % amid weak global cues and huge selling pressure on IT stocks on Monday. Benchmark Nifty50 ended near 17,300, while barometer Sensex dropped around 800 points, tracking weakness in global markets after US Federal Reserve Chairman hawkish commentary during Jackson Hole Symposium 2022. Market is expected to open on a Positive note and likely to witness sideways move during the day

Global Economy:

Japan's jobless rate was steady at 2.6% in July, while the availability of jobs grew for the seventh straight month to a more than two-year high South Korea said on Tuesday it would cut annual government spending for the first time in more than a decade next year, as it strives to cut back on pandemic-era stimulus and help the central bank temper inflationary pressures. Sri Lankan President Ranil Wickremesinghe will on Tuesday slash defence and other expenditures in a bid to win International Monetary Fund (IMF) support as he presents his first budget since taking over as leader of his crisis-hit country.

Commodities:

Gold prices recovered slightly on Tuesday, taking some relief as the dollar retreated from a 20-year peak, although hawkish signals from the Federal Reserve still weighed on the market. Oil prices fell on Tuesday after notching their highest gains in more than a month in the previous session, as global inflation worries overshadowed the prospect of possible OPEC+ output cuts

Currency:

The dollar languished on Tuesday after being beaten back from a two-decade high versus major peers by a reinvigorated euro.

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