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Market Review

US:

U.S markets were closed

Asia:

Shares in the Asia-Pacific traded higher on Tuesday as investors look ahead to the Reserve Bank of Australia’s rate decision.

India: 

Indian stocks moved higher on Monday led by Banking and FMCG names. Nifty gained 0.53% and Sensex added 0.62%, snapping three day's losing streak. IT and Auto names remained laggards for the day, there was some optimism in Capital Goods names. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

China's services activity snapped three months of decline in June and grew at the fastest rate in almost a year as easing COVID curbs revived demand, although firms remained cautious about hiring, a private-sector survey showed on Tuesday. The Caixin services purchasing managers' index (PM) rose to 54.5 in June, indicating the fastest growth since July last year and the first expansion since February. That compared with 41.4 in May

South Korea's June inflation accelerated to the fastest pace since the Asian financial crisis, fanning expectations the central bank could deliver a 50 basis point rake hike for the first time next week to cool prices and curb capital outflows. The CPI rose 6.0% in June from a year earlier, government data showed on Tuesday, the fastest since November 1998 and exceeding the central bank's 2% target for the 15th consecutive month.

Japan's real wages extended a decline in May to post the biggest y-o-yr drop in nearly two years, as consumer inflation hovering near a 7-year-high outpaced nominal wage growth, reducing households' spending power. Higher living costs amid low-wage growth are likely to curb Japan's consumption-led economic recovery from the coronavirus pandemic

Commodities:

Brent crude futures extended gains on Tuesday as a strike in Norway is expected to disrupt oil and gas output, fanning tight supply worries.

Gold dipped slightly on Tuesday, as a recovery in U.S. Treasury yields from last week's one-month lows reduced the appeal of non-yielding bullion, with a strong dollar also piling on.

Currency:

The DXY has managed to hold itself above the psychological support of 105.00 as investors are bracing for more volatility on the release of the Federal Open Market Committee (FOMC) minutes on Wednesday.

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