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Market Review

US: The S&P 500 and Nasdaq closed weaker on Tuesday, the first day of seasonally slow August, ahead of U.S. jobs data and major companies' earnings reports later this week.

Asia: Asian stocks traded lower while U.S. Treasury yields declined on Wednesday, after ratings agency Fitch unexpectedly

India: Indian shares rose marginally on Tuesday, on broad-based gains, after a positive start to the week as investors digested key earnings.Domestic-linked small caps and mid-caps climbed 0.7% and 0.4%, respectively, outperforming the blue chip indexes and hitting fresh 52-week and all-time highs. Market is expected to open on a negative note and likely to witness during the day.

Global Economy: U.S. job openings fell to the lowest level in more than two years in June, but remained at levels consistent with tight labor market conditions, which could spur the Federal Reserve to keep interest rates elevated for some time. There were 1.61 job openings for every unemployed person in June, up from 1.58 in May U.S. construction spending increased solidly in June and the prior month's data was revised higher, boosted by outlays in both single and multifamily housing projects.The Commerce Department said that construction spending rose 0.5%. Data for May was revised higher to show construction spending surging 1.1% instead of 0.9% as previously reported U.S. manufacturing appeared to stabilize at weaker levels in July amid a gradual improvement in new orders, but factory employment dropped to a three-year low, suggesting that layoffs were accelerating. ISM said that its manufacturing PMI edged up to 46.4 last month from 46.0 in June

Commodities: Gold prices edged higher on Wednesday as the U.S. dollar and Treasury yields were bogged down after Fitch downgraded the country's credit rating, souring confidence in the economy ahead of key data due this week. Oil prices rose in Asian trade on Wednesday, sticking to over three-month highs as industry data pointed to a substantially larger-than-expected drawdown in U.S. inventories over the past week.

Currency: The dollar struggled to make headway on Wednesday after a cut on the U.S. govt's top credit rating by Fitch raised questions about the country's fiscal outlook, though it drew some support from a relatively resilient run of economic data.

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