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Market Review

US

U.S. stocks closed lower on Tuesday as rising commodity prices and labor shortages fed fears that despite reassurances from the U.S. Federal Reserve, near-term price spikes could translate into longer-term inflation.

Asia

Asian shares fell for a second straight session on Wednesday to one-month lows as investors speculated surging commodity prices and growing inflationary pressure in the US could lead to earlier rate hikes and higher bond yields globally

India:

Markets remained in a firm bear grip on Tuesday as Dalal Street investors participated in-line with global peers. Asian tech stocks tumbled as investors feared that soaring commodity prices that have sent the cost of raw materials from copper to iron ore and lumber to record heights are the latest indicator that inflation may not be as transitory as some policymakers seem convinced. Against this backdrop, the frontline S&P BSE Sensex shedded 341 points, or 0.69 %, to end the session at 49,162 levels. Market is expected to on a flattish note and likely to witness sideways move during the day.

Economy:

U.S. job openings surged to a record high in March, further evidence that a shortage of workers was hampering job growth, even as nearly 10 million Americans are looking for employment. Job openings, a measure of labor demand, jumped 597,000 to 8.1 million on the last day of March, the highest since the series began in December 2000. The surge was led by the accommodation and food services sector, with 185,000 vacancies opening up. There were an additional 155,000 job openings in state and local government education. Corporate insolvencies in Germany fell by 21.8% on the year in February, continuing a downtrend since the introduction of a waiver at the start of the pandemic

Commodities:

Oil prices rose on Wednesday, extending overnight gains, after industry data showed a drop in U.S. crude inventories, which reinforced OPEC’s robust demand outlook, and as the shutdown of the biggest US fuel pipeline headed into a sixth day. Gold prices fell on Wednesday, as a rise in U.S. Treasury yields and a firmer dollar dented the metal's safe-haven appeal, while investors awaited U.S. consumer price index data due later in the day.

Currency:

: The U.S. dollar hovered near its lowest levels of the year on Wednesday as traders hung on to bets that the Federal Reserve would remain steadfast in its easy policy settings ahead of data expected to show a sharp rise in annual U.S. inflation.

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