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Market Review

US: The S&P 500 notched a new closing low for 2022 and the Dow Jones Industrial Average slipped into a bear market as interest rates surged and turmoil rocked global currencies. The S&P 500 declined 1.03% to 3,655.04, falling below the June closing low of 3,666.77. The Dow dropped 329.60 points, or 1.11%, to 29,260.81 — accelerating losses in the final moments of trading

Asia: Shares in the Asia-Pacific were mixed on Tuesday after sharp falls on Monday. The Nikkei 225 in Japan rose 0.68%, and the Topix index gained 0.8%. In Australia, the S&P/ASX 200 added 0.23%.

India: Equity benchmarks started the final week of the quarter on the back foot. The NSE Nifty index crashed below 17,000 points and the BSE Sensex plunged more than 1,000 points as the bloodbath in markets extended from Friday. Nifty is expected to open on a Positive note and likely to witness sideways move during the day.

Global Economy: Profits at China's industrial firms shrank at a faster pace in January-August, as strict COVID restrictions and a deepening property slump weighed on domestic demand and heatwaves curbed factory activity.Profits fell 2.1% in the first eight months of 2022 from a year earlier, after a 1.1% drop logged in January-July.

Commodities: Gold prices rose slightly from two-year lows on Tuesday as a rally in the dollar paused, while a recovery in copper was cut short by data showing more weakness in Chinese industrial activity. Oil prices rose slightly on Tuesday as markets weighed potential supply disruptions from Hurricane Ian, although a worsening outlook for crude demand kept prices pinned at near ninemonth lows.

Currency: The dollar lost a little of its strength Tuesday after starting the week by surging against major peers, including a record high versus the pound, though equity traders struggled to claw back recent losses owing to recession fears.

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