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Market Review

US:

The Dow Jones Industrial Average closed at a new record after gaining 200 points. It posted a gain of 0.7%. The Nasdaq was the leading major index, rising 1.2%. The S&P 500 also squeezed out a gain, closing up 0.6%. Small caps ended up making the best gains for the day, with the Russell 2000 rising 1.2%. 

Asia:

Shares in Asia-Pacific were mixed in Tuesday trade, as data showed accelerating Chinese factory activity growth in December

India:

Indian equities kicked-off new calendar year 2022 on a solid note as fresh record highs in the global markets bolstered domestic investors' confidence. The gains came even as India's manufacturing activity lost some momentum in December, with the Manufacturing PMI easing to a three-month low of 55.5. The Sensex opened with tepid gain of less than 100 points, but gained strength during the day to hit a high of 59,266. It, eventually, settled 929 points higher at 59,183 levels. Nifty50 shut shop at 17,626 levels, up 272 points. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

Manufacturing activity in the euro zone remained resilient at the end of 2021 as factories took advantage of an easing in supply chain bottlenecks and stocked up on raw materials at a record pace, a survey showed. Manufacturing Purchasing Managers' Index (PMI) dipped to 58.0 in December from November's 58.4. The input prices index sank to an albeit still high eight-month low of 86.7 from 88.9, allowing factories to raise their prices at a much slower pace than in November.

Commodities:

Oil jumped more than 1% on the first trading day of the new year ahead of an OPEC+ meeting on Tuesday to discuss production policy. Gold prices gained on Tuesday amid curbs to contain the spread of Omicron coronavirus cases, while a rise in U.S. Treasury yields supported by inflation fears kept safe-haven bullion's gains in check.

Currency

The dollar was down on Tuesday morning in Asia but climbed to its strongest level in more than a month against the Japanese yen. A jump in U.S. Treasury yields overnight as investors bet on an early U.S. Federal Reserve interest rate hike also gave the U.S. currency a small boost.

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