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Market Review

US:

U.S. stock benchmarks rebounded sharply Friday afternoon in whipsaw trade, as the rise in bond yields steadied, after a stronger-than-expected monthly jobs update from the Labor Department that offered evidence of an economy recovering from the effects of COVID-19.

Asia:

Asian shares rallied on Monday while the dollar held near three-month peaks after the U.S. Senate passage of a $1.9 trillion stimulus bill and a surprisingly strong payrolls report augured well for a global economic rebound.

India:

The Sensex and Nifty were down 1% for the second straight trading session after Fed Reserve chairman Jerome Powell's remarks on holding market intervention even amid better than expected recovery spooked global markets leading to selloffs and rise in bond yields. The Sensex closed down 440.76 points or 0.87% at 50,405.32, while the Nifty ended the day at 14,938.10, down 142.65 points or 0.95%. Nifty is expected to open gap up likely to witness positive move during the day

Economy:

China's February exports grew at a record pace from a year earlier when COVID-19 battered the world's secondbiggest economy, customs data showed on Sunday, while imports rose less sharply. Exports in dollar terms skyrocketed 154.9% in February compared with a year earlier, while imports gained 17.3%, the most since October 2018.

The data did not include figures for January alone. The United States' trade deficit increased in January as goods imports jumped to a record high amid a sharp rebound in consumer spending, offsetting a continued recovery in exports.The Commerce Department said on Friday that the trade gap rose 1.9% to $68.2 billion in January. Economists polled by Reuters had forecast a $67.5 billion deficit in January.

Commodities:

Oil was up Monday morning in Asia, with a reported attack on Saudi Arabia oil facilities giving the black liquid a boost. Brent futures remained above the $70 mark that was reached for the first time since the start of the COVID-19 pandemic a year ago, and WTI futures were at their highest level since October 2018 Gold prices rose on Monday, recovering from a near ninemonth low hit in the previous session, as a passage of the long awaited $1.9 trillion U.S. coronavirus relief package boosted the metal's

Currency:

The dollar fell against the currencies of major commodity exporters on Monday as investors increased bets on countries that will benefit from rising prices for oil, metals, and other goods.

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