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US: The S&P 500 and the Nasdaq rallied on Monday to their highest closing levels since April 2022, while Oracle hit a record high ahead of quarterly results as investors awaited inflation data and the Federal Reserve's interest rate decision this week.

Asia: Asia-Pacific markets largely rose on Tuesday ahead of the U.S. inflation report and Federal Reserve’s two-day meeting later in the day – the central bank is widely expected to hold rates for the first time in 15 months while inflation’s annual outlook marked a two-year low in the latest New York Fed survey.

India: The Indian equity market broke a two-day losing streak and ended with marginal gains on June 12 amid buying across sectors except capital goods. 

The market is expected to open gap up and likely to witness positive move during the day.

Global Economy: The U.S. budget deficit swelled in May from a year earlier as revenue tumbled and Medicare spending surged, the Treasury Department said on Monday in its first monthly accounting of the government's finances since a deal was reached to suspend the debt limit and avoid a first-ever federal default. The May deficit shot up to $240 billion from $66 billion a year earlier, more than offsetting the $176 billion surplus recorded in April. The median forecast among economists polled by Reuters was for a deficit of $236 billion.

China's central bank lowered a short-term lending rate for the first time in 10 months on Tuesday, in a bid to restore market confidence and prop up a stalling post-pandemic recovery in the world's second-largest economy. The People's Bank of China (PBOC) cut its seven-day reverse repo rate by 10 basis points to 1.90% from 2.00% on Tuesday, when it injected 2 billion yuan ($279.97 million) through the short-term bond instrument.

Commodities: Gold prices edged higher on Tuesday after the dollar pulled back, although the moves were muted as traders awaited the U.S. inflation data and the Federal Reserve's decision on interest rates.

Oil prices inched higher on Tuesday on bargain hunting, recovering some ground from the previous day's plunge, but gains were limited as investors remained cautious ahead of key policy decisions by the U.S. Federal Reserve and other central banks.

Currency: The dollar edged broadly lower on Tuesday but traded in a narrow range, as investors remained cautious ahead of key U.S. inflation data due later in the day just as the Federal Reserve kicks off its two-day monetary policy meeting.

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