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Market Review:

US

The Nasdaq closed at a record highs Tuesday with big tech making strong gains as Federal Reserve Chairman Jerome Powell in testimony before Congress continued to downplay fears over the sharp pace of inflation.

Asia:

Asia Pacific stocks were mostly up Wednesday morning, with reassuring comments from U.S. Federal Reserve officials on inflation and monetary policy starting to calm investors’ frayed nerves.

India:

Indian indices slipped from record-high levels to end flat on Tuesday as gain in auto, IT stocks were capped by losses in banking, financials and FMCG counterparts. The Sensex closed at 15,772.75, up 26.25 points, or 0.17%, while Nifty was at 52,588.71, up 14.25 points, or 0.03%..Market is expected to open on a gap up note and likely to witness positive move during the day

Economy: 

Japan's factory activity expanded at the slowest pace in four months in June, in a sign momentum in the world's third-largest economy was levelling out before Tokyo is set to host the Olympic Games next month. PMI fell to a seasonally adjusted 51.5 in June from a final 53.0 in the previous month, largely due to a sharp decline in output. U.S. home sales fell for a fourth straight month in May as record-high prices amid low inventory frustrated potential buyers, a trend that could persist for a while, with builders unable to deliver more houses because of expensive lumber. Existing home sales dropped 0.9% to a seasonally adjusted annual rate of 5.80 million units last month. Federal Reserve Chair Jerome Powell on Tuesday reaffirmed the U.S. central bank's intent to encourage a "broad and inclusive" recovery of the job market, and not to raise interest rates too quickly based only on the fear of coming inflation.

Commodities:

Oil prices rose on Wednesday after industry data showed U.S. crude inventories fell more than expected, reinforcing views of a tightening supply-demand balance with road and air travel picking up in Europe and North America. Gold prices gained on Wednesday after U.S. Federal Reserve Chair Jerome Powell promised not to raise interest rates too quickly based only on the fear of coming inflation, although an uptick in the dollar kept prices in check.

Currency:

The U.S. dollar remained on the back foot against major peers on Wednesday after a two-day drop as U.S. Federal Reserve officials including Chair Jerome Powell reaffirmed that tighter monetary policy was still some way off.

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