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Market Review

US:

U.S. stocks extended their recent rally on Friday and the S&P 500 and Nasdaq indexes scored their biggest weekly percentage gains since the U.S. elections in early November, boosted by optimism over earnings, stimulus talks and progress on vaccine rollouts.

Asia:

Asian shares hovered near record highs on Monday while oil edged closer to $60/barrel on hopes a $1.9 trn COVID-19 aid package will be passed by U.S. lawmakers as soon as this month just as coronavirus vaccines are being rolled out globally.

India:

Indian stock markets extended gains to the fifty day on Friday with benchmark index Sensex rising 117 points after the Reserve Bank kept interest rates unchanged but continued its accommodative stance to revive growth. The 30-share BSE benchmark briefly crossed the 51,000 level, before ending 117 points higher at its fresh closing record of 50,731.63. Similarly,the 50-share NSE Nifty scaled the 15,000 mark during the day but shed some ground to close at its all-time closing high of 14,924, up 0.2%. Market is expected to open gap up and likely to witness positive move during the day.

Global Economy:

Japan's economic growth likely moderated in October-December after rebounding from its worst post war recession earlier in 2020, a sign households and companies have yet to recover from the coronavirus pandemic's huge hit.

A state of emergency rolled out in January has inflicted further pain on consumption, stoking fears of another economic slump that could push Japan back into deflation. U.S. employment growth rebounded less than expected in January and job losses the prior month were deeper than initially thought, strengthening the argument for additional relief money from the government to aid the recovery from the COVID-19 pandemic.

The nonfarm payrolls increased by 49,000 jobs last month. Data for December was revised to show 227,000 jobs lost instead of 140,000 as previously reported.

Commodities:

Oil prices rose on Monday, with Brent futures nearing $60 abarrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures to boost demand. Gold prices edged higher on Monday, as weaker-than-expected U.S. jobs data re-ignited concerns over a recovery in the world's largest economy, pressuring the dollar and boosting bullion's appeal.

Currency:

The dollar was up on Monday morning in Asia, even as investors digest disappointing U.S. jobs data that caused some investors to ease bets on a strong dollar.

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