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Market Review

US:

 U.S. stocks were higher after the close on Tuesday, as gains in the Basic Materials, Consumer Services and Technology sectors led shares higher

Asia:

Shares in Asia-Pacific rose in the Wednesday morning trade, with stocks in Hong Kong leading gains regionally

 India:

Markets ended marginally up in a highly volatile trading session, taking a breather after the recent fall. The benchmark inched further lower after the flat start however recovery in the select index majors helped the index to recoup losses. Market is expected to open gap up and is likely to witness positive move during the day.

Economy:

Canada posted a surprise trade deficit in December, as imports hit a new record high and exports fell from November.Canada's trade deficit was C$137 million ($108 million) in December, well below analyst forecasts of a surplus of C$2.50 billion. November's surplus was also revised down to C$2.47 bn from C$3.13 billion, still good for a 13-year record. U.S. consumer debt loads grew in 2021 by the largest amount in 14 years as people ramped up borrowing to afford homes, cars and other goods that are becoming more expensive. Total household debt grew by $1 trillion last year, marking the largest increase in overall debt since 2007. The total debt balance is now $1.4 trillion higher than it was at the end of 2019. Japan ran a current account deficit in December for the first time in one-and-half years due to the surging cost of fuel imports in a sign of the rising toll global commodity inflation is inflicting on the economy.Economy ran a current account deficit of 370.8 bn yen in Dec, confounding market forecasts for a 73.5 bn yen surplus. It was the first deficit since June 2020.

Commodities:

Oil prices nudged up on Wednesday following two sessions of losses after industry data showed an unexpected drop in U.S. crude and fuel stocks, offsetting concerns of a possible rise in supplies from Iran. Gold prices were steady on Wednesday near a two-week high scaled in the previous session, as inflationary risks and RussiaUkraine tensions underpinned the safe-haven metal, despite the prospect of an aggressive rate hike by the U.S. central bank.

Currency

The dollar touched a one-month high versus the yen on Wednesday, boosted by a climb in Treasury yields to multiyear peaks overnight as traders wait on U.S. inflation data this week for clues on the pace of Federal Reserve policy tightening.

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