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Market Review

US:

U.S. stocks were lower after the close on Tuesday, as losses in the Technology, Consumer Services and Consumer Goods sectors led share slower

Asia:

Asian shares edged higher on Wednesday as investors shrugged off concerns that stocks may have rallied too far too fast in the past year,and focused instead on optimism that more imminent U.S. stimulus will energise the global economic recovery.

India:

Volatility ran high in the domestic markets on Tuesday as investors tracked mixed signals from global peers and avoided taking aggressive bets in equities amid upward move in bond yields, yet again. benchmark indices witnessed wild swings during the session today. The headline S&P BSE Sensex traded in a range of 600 points and hit an intra-day high and low of 50,425 and49,807, respectively. At close, the index was quoting at 50,297 levels, up 447points or 0.9%. Market is expected to open on flattish note and likely to witness sideways move during the day.

Economy

China's services sector activity grew at its slowest pace in 10 months in February as firms struggled with sluggish demand and high costs, prompting them to cut jobs. The Caixin/Markit services PMI fell to 51.5, the lowest since April, from 52.0 in January. A sub-index for employment stood at 47.9, slipping into contraction after six months of growth, as businesses laid off workers. New export business also shrank after expanding for three months. The monthly rate of producer price inflation in Brazil kicked off this year at its second highest since comparable records began more than six years ago, with prices rising across all 24 activities. Factory gate prices rose 3.36% in January from the month before, almost touching the 3.4% increase registered last October, the highest since 2014.

Commodities:

Oil was up Wednesday morning in Asia, over wide expectations that the Organization of the Petroleum Exporting Countries and allies (OPEC+) will decide increase production later in the week. Gold edged down on Wednesday, as firm U.S. Treasury yields continued to pressure the non-yielding bullion, although prices held above the 8-1/2-month trough hit in the previous session.

Currency:

The safe-haven U.S. dollar remained broadly weaker on Wednesday as Treasury yields continued to retreat, restoring some calm to global markets and reigniting demand for riskier assets.

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