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Market Review

USA : 

The Dow Jones Industrial Average sank to session lows at 4 p.m. ET and closed 0.7% lower on weak economic and housing data.

Asia :

Asia-Pacific markets mostly rose as investors digested a slew of key economic data across the region.

India :

Despite starting with marginal gains, the key benchmark indices exhibited a weak trend and ended lower for the eighth straight trading session on Tuesday amid sustained selling in index heavyweights. 

The market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy

Chinese business activity grew more than expected in February, rising past pre-COVID levels as an economic recovery in the country gained momentum after the relaxing of most anti-COVID restrictions this year. The Manufacturing Purchasing Managers’s Index (PMI) rose 52.6 in February. The figure was higher than expectations for a reading of 50.5, and January’s figure of 50.1. China’s Non-manufacturing PMI fared far better, rising 56.3 in February- more than expectations for growth of 55.0, and well above than the prior month’s reading of 54.4. Strength in both manufacturing and non-manufacturing activity saw China’s composite PMI jump 56.4 in February- its fastest pace in over three years.

The Australian economy grew slightly less than expected in the fourth quarter of 2022, as high inflation and a rising cost of living saw overall growth slow sharply from the prior quarter. GDP rose 0.5% in the three months to December 31 from the prior quarter. The reading was less than expectations for growth of 0.8% and the prior quarter’s reading of 0.6%. On an annualized basis, fourth quarter GDP rose 2.7% as expected, but was drastically slower than the prior quarter’s reading of 5.9%.

Commodities :

Gold prices edged lower on Wednesday as the dollar ticked up, while investors braced for more U.S. interest rate hikes amid stubbornly high inflation. Oil prices rose for a second day on Wednesday as reports of expanding manufacturing activity in China, the world's biggest crude importer, boosted the outlook for global fuel demand.

Currency :

The dollar began the month on a strong footing as a higher-for-longer U.S. rates scenario took center stage, while the Aussie slid after a raft of economic data pointed to a slowing economy and signs that inflation might be past its peak

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