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Market Review

US:

The Dow Jones Industrial Average traded lower in today's stock market as all the major indexes closed slightly lower and near their lows of the day.

Asia:

Asia-Pacific markets rose Wednesday as major indexes in Australia, Japan and South Korea notched gains.

India:

The announcement of a month-long night curfew in the national capital city of Delhi capped gains on Dalal Street on Tuesday as investors decided to book profit, erasing gains clocked earlier in the day. The city joins the states of Maharashtra, Gujarat, and Rajasthan to impose restrictions. Sensex settled at 49,201 levels, up 42 points, or 0.1%, and the Nifty closed at 14,683 levels, up 46 points or 0.3%. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

The International Monetary Fund raised its outlook for global economic growth again, forecasting worldwide output would rise 6% this year, a rate unseen since the 1970s, thanks largely to the unprecedented policy responses to the COVID-19 pandemic.

That upgrade, from 5.5% less than three months ago, largely reflects a rapidly brightening outlook for the U.S. economy, which the IMF now sees growing by 6.4% in 2021, the fastest since the early 1980s. That's up 1.3 percentage points from the IMF's 5.1% projection in January and nearly double the rate it estimated in October. Job openings in US increased 268,000 to 7.4 million as of the last day of February.

That was the highest level since January 2019 and pushed job openings 5.1% above pre-pandemic level. Euro zone unemployment was unchanged in February compared to an upwardly revised reading for January, data showed on Tuesday, as European furlough schemes limited the impact of the second wave of the pandemic in the fourth quarter on jobs. The jobless rate was 8.3% in February, unchanged from the revised data for January.

Commodities:

Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased COVID-19 vaccinations and a report that crude inventories in the United States, the world's biggest fuel consumer, fell. Gold prices inched lower on Wednesday, retreating from a twoweek high hit in the previous session, as a raft of strong U.S. data boosted hopes of a quick economic recovery.

Currency:

The dollar softened to a two-week low against a basket of currencies on Wednesday after U.S. bond yields declined as traders rolled back aggressive expectations that the Federal Reserve will tighten its policy earlier than pledged.

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