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Market Review

US:

The Dow Jones Industrial Average rose modestly in today's stock market and traded near its highs, while the Nasdaq also held gains. The small-cap Russell 2000 pared earlier losses and closed higher. At the close, the tech-heavy Nasdaq rose 0.3%. The Dow Jones held a 0.4% gain. The S&P 500 also traded up 0.4%.

Asia:

Shares in Asia-Pacific were mixed in Wednesday morning trade as investors look ahead to the end of the U.S. Federal Reserve’s two Day meeting for clues on tapering

India:

Succumbing to lacklustre global sentiments, domestic losses in a rough session. While metal, oil and commodity stocks dragged, realty, PSU bank and consumer durables made frail attempts at lifting the indices. Overall, the BSE Sensex index ended 109 points lower at 60,029. The NSE Nifty, on the other hand, settled with a loss of 41 points at 17,889. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

Euro zone manufacturing activity remained strong last month but was curtailed by supply chain bottlenecks and logistical problems which sent input costs soaring. Manufacturing PMI dipped to an eight-month low of 58.3 in October from September's 58.6, shy of an initial 58.5 "flash" estimate. Ongoing disruptions caused by the coronavirus pandemic, alongside a shortage of heavy goods vehicle drivers, has caused product shortages and left factories struggling to get the raw materials they need. Overall, the demand side continues to be very strong. Manufacturing PMI for Germany, which accounts for about a fifth of Europe's economy, reached 57.8, slightly down from an initial "flash" reading of 58.2. The index stood at 58.4 in September.

Commodities:

Oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world's largest oil consumer, and as pressure mounted on OPEC to increase supply. Gold prices inched lower on Wednesday as investors awaited the result of a U.S. Federal Reserve policy meeting to assess how the central bank plans to combat rising inflation and ease worries about economic recovery

Currency:

The dollar held within striking distance of the year's peaks on the euro and yen on Wednesday, as investors looked for the Federal Reserve to begin unwinding pandemic-era policy support faster than central banks in Europe and Japan.

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