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Market Review

US:

Wall Street's main indexes dropped more than 1% on Monday as investors worried about the Omicron COVID-19 variant potentially undercutting the economic rebound and a critical setback to President Joe Biden's social-spending bill

Asia:

Equities in other Asian markets bounced back on Tuesday as investors assessed the impact of the Omicron variant of COVID-19 on the world economy.

India:

The Indian markets recovered from its day’s low minutes before its closing time on Monday. In this, Sensex closed nearly 1200 points recuperating at least 600 points from lows, whileNifty50 closed above 16600-mark before an important support level redeeming almost 150 points from lows. Both the benchmark indices witnessed the biggest ever intraday fall on Monday, on the back sell-off from foreign institutional investors (FIIs) and the rising cases of new covid variant Omicron. Market is expected to open gap up and likely to witness positive move during the day.

Global Economy:

The World Trade Organization said that global merchandise trend fell by 0.8% in the third quarter, adding that the emergence of the Omicron coronavirus variant had raised the risk of missing the forecast 2021 growth rate. Trade volume slipped between July-September due to supply chain disruptions, shortages of production inputs and rising COVID-19 cases. British manufacturers reported a near-record inflow of new orders this month but also a worsening shortage of stocks of finished goods, which deteriorated at an unprecedented pace for a second month in a row. The CBI's monthly order book balance for manufacturers slipped to +24 in December from November's record high of +26, while output growth over the past three months was the highest since July

Commodities:

Oil prices edged higher on Tuesday, though investors remained worried about the rapid spread of the Omicron coronavirus variant globally, prompting countries to consider more restrictions potentially denting fuel demand. Gold prices held steady on Tuesday, as traders assessed the impact of surging Omicron coronavirus cases and interest rate hikes aimed at taming high inflation

Currency

The dollar was down on Tuesday morning in Asia, remaining below its recent high. A blow to U.S. President Joe Biden’s investment bill, as well as concerns about the omicron COVID-19 variant, also capped gains for riskier currencies.

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