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Market Review

US:

US stocks were closed yesterday

Asia:

Asia Pacific stocks were mixed on Tuesday morning as investors monitored China’s COVID-19 flare-ups.

India:

Snapping six consecutive sessions of losing run the Indian stock markets’ key indices, Sensex and Nifty, closed in the positive on Monday helped by good buying support in banking and IT stocks. The Indian equities markets witnessed volatile trading. The 30 stock S&P BSE Sensex rose 237.42 points or 0.46 per cent to close at 51,597.84 points against its previous session’s close at 51,360.42 points. Market is expected to open on a flattish note and likely to witness volatile move during the day.

Global Economy:

The strong cargo demand that helped passenger-deprived airlines stay afloat during the pandemic is showing signs of softening amid growing economic uncertainty, in part, fuelled by decades high inflation. A potential weakening of the air freight market coincides with growing concern in the aviation industry that surging passenger traffic, which has reduced airlines' reliance on cargo revenue, may be fleeting. The Baltic Air Freight Index, which shows weekly transactional rates for general cargo fell 8.7% last week, while the airlines group IATA said on Monday that freight revenue generated by carriers this year would fall by 6.4%. Australia's top central banker on Tuesday flagged a lot more policy tightening ahead as rates were still "very low" and it was important that higher inflation did not feed into public expectations and wage claims. Yet, Reserve Bank of Australia (RBA) Governor Philip Lowe also played down the chance of rates being increased by a super-sized 75 basis points and took issue with market pricing of rates reaching as high as 4% by year end.

Commodities:

Oil prices rose 1% in early trade on Tuesday, clawing back more of last week's losses as the focus returned to tight supply of crude and fuel products versus concerns about a recession hitting demand down the track. Gold prices edged up on Tuesday as the dollar eased, while investors kept a keen eye on posturing from major central banks on interest rate hikes for a clearer outlook for bullion.

Currency:

The dollar dipped and the yen hovered near a 24- year low, sapped by the contrast between a super-dovish Bank of Japan and hawkish Fed.

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