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Market Review

US: The US stocks gained on Tuesday as investors are keenly awaiting Fed policy decision and Chair Jerome Powell's comments.

Asia: Asia-Pacific markets opened higher ahead of a policy decision from the U.S. Federal Reserve, as investors monitored a slew of manufacturing data.

India: Indian stock benchmarks snapped two days of gains on Tuesday as investors are looking forward to the key interest rate decision of the U.S. Federal Reserve a day later. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy: Chinese manufacturing activity unexpectedly contracted in October. The Caixin manufacturing PMI read 49.5 in October, falling from the 50.6 seen in the prior month. A reading below 50 indicates contraction, with the Caixin PMI contracting for the first time in three months. The weak reading was driven chiefly by softening domestic and overseas demand, while growth in new orders slowed for a second straight month. Export orders continued to decline amid worsening economic conditions in China’s biggest trading partners

South Korea's exports in October rose in annual terms for the first time in 13 months, as shipments to the United States were robust while the weakness in China demand eased. Overseas sales last month by Asia's fourth-largest economy rose 5.1% YoY to $55.09 billion. It swung from a 4.4% fall the previous month and marked the first YoY increase since September 2022.

Commodities: Gold prices started November lower on Wednesday as cautious investors awaited U.S. Federal Reserve’s policy decision, after the Middle-East worries led to a strong safe-haven rally last month and pushed prices above $2,000. Oil prices edged up in early Asian trade on Wednesday ahead of key global central bank meetings this week including the U.S. Federal Reserve, as the market also closely watches the latest developments in the Israel-Hamas conflict.

Currency: The yen wobbled near 15-year lows on the euro and a one-year trough on the dollar on Wednesday, having slid on bets that a tweak of Japan’s yield control policy isn’t enough to close wide interest rate gaps that have pressured the currency for years.

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