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Market Review

US:

Stocks rallied Tuesday, as the Dow Jones Industrial Average soared nearly 500 points after President Joe Biden and 10 Republican senators held "productive" stimulus talks late Monday.

Asia:

Stocks in Asia-Pacific traded mixed on Wednesday as a private survey showed China’s services sector activity growth slowing sharply in January.

India:

Investor wealth continued to soar at the bourses as a growth-driven Budget to fire the pandemic-hit economy impressed investors and analysts alike. Market-cap of all the BSE listed firms neared Rs 197-trillion mark as benchmark indices soared 2.5% at the bourses. Market is expected to open gap up and likely to witness positive move during the day.

Global Economy:

The euro zone economy contracted less than expected in the fourth quarter of 2020 amid pandemic-induced lockdowns, initial EU estimates showed on Tuesday, but it is heading for another, probably steeper decline in the first quarter of this year. GDP in the 19 countries sharing the euro fell by 0.7% quarter-on-quarter, for a 5.1% year-on-year decline.

Economists had expected a 1.0% quarterly fall and a 5.4% annual contraction after a sharp rebound in the JulySeptember period when the euro zone eased restrictions on travel and leisure after a first wave of COVID-19 cases. The second and third largest euro zone economies, France and Italy, pulled down the overall result with quarterly GDP declines of 1.3% and 2.0% respectively. Meanwhile Germany inched up 0.1% from the third quarter and Spain grew 0.4%.

President Joe Biden has proposed spending $1.9 trillion to provide more cash payouts and enhanced unemployment benefits to Americans, as well as a minimum wage hike, funding for vaccine programs and aid to schools along with state and local governments. However, Congressional Republicans have set forth a more modest $618 billion plan that would provide lower direct payments and no funding for state and local governments.

Commodities:

Oil rose in early trade on Wednesday on expectations global oil stocks will fall back to more normal levels this year and as U.S. lawmakers moved closer to approving President Joe Biden's $1.9 trillion COVID-19 aid bill without Republican support. Gold is trading higher on Wednesday.

Currency:

The dollar traded near a two-month high versus the euro on Wednesday as investors looked to a widening disparity between the strength of the U.S. and Europe’s pandemic recoveries.

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