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Market Review

US:

Wall Street reached all-time closing highs on Monday as investor optimism was stoked by prospects of a speedier economic recovery from the global health crisis, driven by increased stimulus and an accelerated vaccine rollout.

Asia:

Global stocks were poised to rise again on Tuesday in Asian trading after another record-setting day on Wall Street.

India:

Indian stock markets today extended the Budget rally to the sixth straight day with to close at record highs. Strong corporate earnings and positive global cues drove broad-based gains. The NSE Nifty 50 index ended 1.28% higher at 15,115.80, while the S&P BSE Sensex closed over 600 points higher at 51,348.77. In six days, Sensex has logged gains of over 5,000 points. Market is expected to open on flattish note and likely to witness sideways move during the day.

Global Economy:

Spending by British consumers plunged in January at the fastest rate in seven months as the country went back into a tight COVID-19 lockdown. A 73% annual increase in online retail spending and record demand for takeaway food - which jumped by a third from a year ago - failed to compensate for the closure of many businesses.

Overall consumer spending shrank by 16.3% in yoy terms last month, the biggest drop since May when the country was starting to emerge from its first lockdown. Taiwan's exports rose in January for the seventh consecutive month, with the unexpectedly strong pace setting a new record as its manufacturers benefited from consumers staying at home during the COVID-19 pandemic and new technologies such as 5G.

Exports jumped 36.8% from a year earlier to $34.27 billion in January, the highest monthly figure on record,though it was helped by a low base with the week-long Lunar New Year holiday falling in January last year. Analysts in a Reuters poll had forecast a rise of 15% for last month, compared with a 12% jump in December.

Commodities:

Oil prices edged up on Tuesday to their highest in 13 months as supply cuts by major producers and optimism over fuel demand recovery support energy markets. Gold was steady after the biggest two-day gain in a month as investors weighed prospects for more stimulus in the U.S. and the possibility of higher consumer prices against a focus on Bitcoin and stocks at a record.

Currency:

The dollar was down on Tuesday morning in Asia, hovering near its lowest level in a week as doubts began to creep in about a recent rally fueled by hopes of a faster U.S. economic recovery from COVID-19 than elsewhere.

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