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Market Review:

US

The S&P 500 and Nasdaq ended lower on Tuesday after hitting record highs earlier in the session, with investors digesting a jump in consumer prices in June and earnings from JPMorgan and Goldman Sachs that kicked off the quarterly reporting season.

Asia:

Asian stocks were mixed early Wednesday after Wall Street fell from a record and bond yields rose following a surprise U.S. inflation jump that stirred the debate on how long Federal Reserve policy can stay ultra-loose.

India:

The domestic market indices opened higher. Broad-based buying was observed in all sectors. At the closing bell, Sensex was at 52,769.73 after it gained 397.04 points or 0.76%. NSE Nifty rose by 0.76% or 119.75 points and closed at 15,812.35.. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Economy:

FDI into China in the first 6 months of the year jumped 28.7% from YOY to 607.84 bn yuan Singapore's economy lost momentum in the second quarter after battling new outbreaks of COVID-19 but expanded at its fastest annual pace in just over a decade, as the city-state continued to rebound from last year's coronavirus-induced plunge.The economy grew 14.3% in the second quarter from a year earlier,against economists' forecast in a Reuters poll of 14.2%. GDP had fallen a record 13.3% year-on-year in the second quarter of 2020. The country was under a lockdown for most of that period to curb the spread of the coronavirus. The U.S. govt posted a June deficit of $174 billion, about a fifth of the June 2020 deficit of $864 billion, as a rebound in the labor market and an earlier tax deadline this year raised revenues. Receipts for June jumped 87% to $449 billion, in part a reflection of this year's Internal Revenue Service income tax filing deadline being brought forward to May 17 compared to last year's pandemic-induced delay to July 15.

Commodities:

Oil edged lower after closing at the highest level since October 2018 with an industry report pointing to a further draw in U.S. crude stockpiles, adding to signs of a rapidly tightening global market. Gold prices were subdued on Wednesday, weighed down by a firm dollar after data showed U.S. consumer prices last month rose by the most in 13 years, with focus now shifting to Federal Reserve Chair Jerome Powell’s testimony before Congress.

Currency:

The U.S. dollar touched a three-month high versus the euro and a one-week high versus the yen on Wednesday, after heated U.S. inflation spurred bets of faster monetary policy tightening than Federal Reserve officials have so far signalled.

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