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Market Review

US:

The Dow closed lower on Friday with a big drag from financial stocks as investors were disappointed by fourth quarter results from big U.S. banks, which cast a shadow over the earnings season kick-off.

Asia:

Asian share markets got off to a cautious start on Monday as the U.S. earnings season loomed large and a slew of Chinese economic data were expected to show the deadening effect of coronavirus restrictions on activity.

India:

Benchmark indices staged a smart-recovery during the second half of the trading session, led by healthy buying in metal and PSU bank stocks, to end the day around flat line on Friday. Market is is expected to open gap down and is likely to witness profit booking during the day.

Economy:

Japan's core machinery orders rose for a second straight month in November, government data showed on Monday, a sign that corporate appetite for capital spending remained resilient despite pressure from soaring raw material prices. Core orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, grew 3.4% in Nov from Oct, rising for the second straight month British manufacturers have offered higher pay deals to staff but many others are holding off on settlements as they monitor fast-rising inflation and get ready for higher minimum wages and a tax hike.Only 2% of the companies which took part in a MakeUK survey have frozen pay this year, way down from around a third of them a year ago. China's central bank on Monday cut the borrowing costs of its medium-term loans for the first time since April 2020, defying market expectations, to cushion any economic slowdown.The People's Bank of China said it was lowering the interest rate on 700 billion yuan worth of one-year medium-term lending facility (MLF) loans to some financial institutions by 10 basis points to 2.85% from 2.95% in previous operations

Commodities:

Oil prices rose on Monday, with Brent crude futures at their highest in more than three years, as investors bet supply will remain tight amid restrained output by major producers with global demand unperturbed by the Omicron coronavirus variant. Gold prices eased on Monday, as U.S. Treasury yields gained on hawkish signals from the Federal Reserve and markets began to price in a sooner-than-anticipated reduction in balance sheet.

Currency

Currency: The dollar clung to a late week bounce on Monday as investors braced for January's U.S. Federal Reserve meeting and raised bets it will chart a year ahead holding several rate hikes, while China surprised analysts with a benchmark cut

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