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Market Review

US:

The Dow closed at another record high Tuesday, led by a rally in energy stocks following a cold snap across parts of the U.S. and ongoing investor optimism over the economic recovery as Covid-19 infections continue to fall

Asia:

Asian markets pointed to a mixed open on Wednesday, as investors juggle the prospects for an economic comeback and additional stimulus with continued pandemic concerns

India:

Markets ended almost unchanged in a range-bound session as participants chose to book some profits off the table. Initially, supportive global cues led to a firm start however profit-taking at the higher levels trimmed all the gains as the day progressed. In continuation to the prevailing trend, sectoral indices traded mixed wherein IT, FMCG and banks were the top losers while metals, oil & gas and power ended with gains.

Economy:

Japan's exports accelerated in January, led by a jump in Chinese demand, and manufacturers' sentiment turned positive for the first time since 2019 signalling a gradual recovery from last year's deep coronavirus slump. Ministry of Finance data showed exports rose 6.4% in January from a year earlier, roughly in line with a 6.6% Euro zone GDP fell less than initially estimated in the last quarter of 2020 and employment edged higher against the previous three months despite pandemic lockdowns. Eurostat said GDP in the 19 countries sharing the euro contracted 0.6% QoQ in the Oct-Dec period, for a 5.0% yoy fall. Unemployment in France fell to pre-pandemic levels in the fourth quarter of 2020, though the data was partially skewed by a six-week COVID-19 lockdown during which jobseekers were unable to register as jobless.Unemployment in the euro zone's second biggest economy fell 1.1 % points to 8%. That compared with a revised 9.1% in the third quarter and 8.1% in the last three months of 2019.

Commodities:

Oil prices fell in early trade on Wednesday as the U.S. dollar climbed, retreating after a two-day rally that was driven by an Arctic blast curbing output from oil and gas fields in Texas, the country's biggest oil-producing state. Gold was down on Wednesday morning in Asia, continuing its decline for a fifth consecutive day. The safe-haven yellow metal is headed for its longest period of decline in almost a year, thanks to Treasury yields surging over expectations of a quick global economic recovery from COVID-19.

Currency:

The dollar advanced on Wednesday, hitting a fourmonth high against the yen as U.S. bond yields jumped on the prospects of further economic recovery and a possible acceleration in inflation.

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