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Market Review

US: The US stock market indices rallied more than 1% each on Monday ahead of jobs data and the Federal Reserve’s two-day monetary policy meeting.

Asia: Asian markets traded mixed on Tuesday ahead of a key monetary policy decision by the Bank of Japan.

India: The domestic equity indices closed half a percent higher each on Monday led by gains in select heavyweights amid positive global cues.Market is expected to on a flattish note and likely to witness range bound move during the day

Global Economy: A decline in soybean export inspections was reported while noting an increase in inspections for corn and wheat. These mixed results come amid shifting demand patterns in global grain markets.Data from the USDA showed that soybean export inspections decreased to 1.89 million metric tons from the previous week's pace. This marks a YTD decrease of 2.7% compared to last year's shipments. On the other hand, corn and wheat inspections saw increases, rising to 531,516 tons and 189,842 tons respectively. The top destination for US soybeans was China, while the Philippines led for wheat and Mexico topped the list for corn.

The World Bank has expressed concerns over the potential for a dual energy shock, as the ongoing conflicts between Israel and Hamas and Russia's war in Ukraine continue to escalate. According to the bank, these geopolitical tensions could lead to a surge in oil prices by up to 75%.In response to potential spikes in oil prices, Western nations have implemented a price cap on Russia's energy exports. Additionally, the US has tapped into its Strategic Petroleum Reserve.

Commodities: Gold prices were flat on Tuesday after slipping below the critical $2,000 milestone in the last session, as investors prepared for central bank meetings this week with particular focus on the U.S. Federal Reserve’s policy outlook. Oil prices rose slightly in Asian trade on Tuesday after plummeting nearly 3% in the prior session amid easing concerns over Middle East supplies and growing anticipation of the Federal Reserve, although weak economic data from China weighed on sentiment.

Currency: The yen hovered near a two-week high on Tuesday, boosted by a report that the Bank of Japan, or BOJ, could further tweak a key bond yield policy tool when it announces its monetary decision later in the day.

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