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Market Review:

US

The stock market closed mainly higher Tuesday, after overcoming a morning trough. Small caps led, extending their rebound from a mid-May low. The Nasdaq composite climbed 0.3% and is rebounding from a dip to the converged 50-day and 21-day moving averages. Small caps outperformed, as the Russell 2000 added 1.1%. The index is now less than 1% from a record high.

Asia:

Shares in Asia-Pacific were mixed in Wednesday morning trade, ahead of Chinese inflation data expected later in the day. SGX Nifty is down by 20 points, expect a flattish opening. 

India:

Benchmark indices ended a range-bound around flat line on Tuesday, even as broader markets scaled fresh record peaks as stock-specific action dominated the equity markets today. Market is expected to open on a flattish note and likely to witness sideways during the day.

Global Economy:

The World Bank on Tuesday raised its global growth forecast to 5.6% for 2021, marking the strongest recovery from a recession in 80 years due to U.S. stimulus spending and faster growth in China but held back by "highly unequal" access to COVID-19 vaccines. By 2022, this will leave global output about 2% below pre-pandemic projections, and about two thirds of emerging market economies will still not have made up last year's per-capita income losses

U.S. job openings rose in April to a fresh record high, along with the number of people who voluntarily left their jobs, underscoring fervent labor demand and turnover as businesses emerge from pandemic-related restrictions and the economy strengthens. The number of available positions climbed to 9.3 million during the month, the highest on data back to 2000, from an upwardly revised 8.3 million in March.

Commodities:

Oil prices rose for a second day on Wednesday on signs of strong fuel demand in Europe, while the prospect of a near-term return of Iranian oil supply faded as the U.S. secretary of state said sanctions against Tehran were unlikely to be lifted. Gold prices inched higher on Wednesday, helped by a fall in U.S. bond yields, with investors holding back from making large bets ahead of U.S. inflation data and the European Central Bank policy meeting this week.

Currency:

The dollar clung to a small bounce on Wednesday as traders looked to upcoming U.S. inflation data and a European Central Bank (ECB) meeting to gauge the global recovery and policymakers' thinking.

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