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Market Review

US:

Stocks rose broadly on Wall Street Tuesday, adding to the market’s solid gains from a day earlier, as investors wager that the new variant of the COVID-19 virus won’t pose a big threat to the economy, as some initially feared.

Asia:

Asian shares extended gains on Wednesday, continuing a global relief rally as markets found positive news in early reports about the potential impact of the Omicron variant, although overnight advances in oil prices began to peter out..

India:

Indian equities jumped 1.6% on Tuesday tracking Asian markets, which gained on the back of China pledging measures to support economic growth. The uptick was also fuelled by expectations of little change in domestic monetary policy and hope that the Omicron variant's effects would be moderate although a top doctors' body warned of a "massive third wave". Market is expected to open on gap up and likely to witness positive move during the day.

Economy:

Japan's economy shrank slightly faster than initially reported in the third quarter, as a sharp rise in local COVID-19 cases hit private consumption and a global chip supply shortage hurt corporate sentiment. Japan's economy declined an annualised 3.6% in July-September, worse than the preliminary reading of a 3.0% contraction. The U.S. trade deficit narrowed sharply in October as exports soared to a record high, potentially setting up trade to contribute to economic growth this quarter for the first time in more than a year. The trade gap plunged 17.6% to a six-month low of $67.1 billion. British house prices grew at the fastest pace in 15 years over the past three months, reflecting a lack of homes, a strong job market and low borrowing costs.House prices rose 3.4% in the 3 months to the end of Nov, the sharpest increase since late 2006, and are 8.2% higher than a year earlier

Commodities:

Oil prices edged lower on Wednesday, reversing gains from earlier the week, as investors tried to assess the full impact of the Omicron coronavirus variant on global fuel demand and the effectiveness of existing vaccines. Gold prices rose slightly on Wednesday as U.S. Treasury yields eased from their recent highs, reducing the metal's opportunity cost, while investors looked ahead to key inflation data that could settle the course of interest rates.

Currency

: The Australian dollar hit its strongest level in a week on Wednesday amid a pick-up in risk appetite on signs Omicron may be less severe than other COVID-19 variants, but still vulnerable to existing vaccines.

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