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Market Review

US

U.S. stocks closed slightly lower on Tuesday, and each of Wall Street's main indexes failed to stray far from the unchanged mark following a rally in the prior session as investors continue to try and assess the route of inflation.

Asia

Asian shares rose on Wednesday while the U.S. dollar stood near its lowest levels this year after U.S. Federal Reserve officials reaffirmed a dovish monetary policy stance, providing yet more assurance to investors worried about the inflation outlook.

India:

Benchmark Indian equity indices witnessed a mixed close on Tuesday. The Sensex closed at 50,637.53, down 14.37 points, or 0.03%, while the Nifty was at 15,208.45, up 10.75 points, or 0.07%. Banks and financials were top drags. Market is expected to open on flattist note and likely to witness sideways move during the day.

Global Economy:

U.S. consumer confidence hovered at a 14- month high in Mayas optimism over jobs tempered concerns about rising inflation and diminishing government financial support. The housing market is showing signs of fatigue, with new single-family homes sales dropping in April amid a dearth of properties, which is boosting prices at the fastest pace in more than 15 years. The consumer confidence index slipped to a reading of 117.2 this month from 117.5 in April, the highest level since February 2020. Economists polled by Reuters had forecast the index at 119.2.

U.S. single-family home prices in 20 key urban markets rose in March from a year earlier by the most in more than seven years. The S&P/Case Shiller composite index of 20 metropolitan areas gained 13.3% through the 12 months ended in March on a seasonally adjusted basis, the largest annual price increase since December 2013. A Reuters poll of economists had forecast a 12.3% increase. On m-o-m basis, the 20-city composite index rose 1.6% from February. Economists polled by Reuters had been expecting a 1.2% increase

Commodities:

Oil was up Wednesday morning in Asia, as concerns that the possible resumption in Iranian supply would cause a supply glut was offset by strong U.S. crude oil supply data. Gold prices held firm near a 4-1/2-month high on Wednesday as a drop in U.S. Treasury yields and a weaker dollar supported the safe-haven metal.

Currency:

The dollar extended its nearly two-month slide against major peers on Tuesday as U.S. interest rates fell on U.S. Federal Reserve arguments for easy monetary policy despite current inflationary forces.

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