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Market Review

US: The strong U.S. Job Openings and Labor Turnover Survey data for February compelled market participants to scale down the number of rate cuts they were expecting in 2024. This pushed the U.S. Treasury yield higher, which also weighed on the emerging market equities. The S&P 500 Index and Nasdaq Composite fell 0.72% and 0.95%, respectively, as of Tuesday. The Dow Jones Industrial Average declined 1.00%.

Asia: Benchmarks in Asia-Pacific region were trading in negative after data showed number of new jobs in the U.S. remained largely unchanged in February, indicating strength of the labour market.

India: India's benchmark stock indices snapped their three-day rally to close marginally lower on Tuesday on likely profit booking, after indices hit a fresh record high in the previous session. Market is expected to open gap down and likely to witness profit booking during the day.

Global Economy: China service s expected to open gap down and likely to witness profit booking during the day.ector activity grew as expected in March as persistent measures from Beijing to shore up liquidity and improve local demand helped spur new business. The Caixin services purchasing managers index (PMI) grew 52.7 in March, as expected. The index picked up slightly from the 52.5 reading seen in the prior month.

Japanese service sector activity expanded at its quickest pace in seven months in March, underpinned by strong demand particularly for inbound tourism. The final au Jibun Bank Service purchasing managers' index (PMI) rose to 54.1 in March from 52.9 in February, marking the 19th consecutive month of increase, according to index publisher S&P Global Market Intelligence.

Commodities: Gold prices extended their record rally on Wednesday, buoyed by a weaker dollar and safe-haven demand from escalating tensions in the Middle East, while investors looked forward to more U.S. economic data for policy clues. Oil prices rose slightly in Asian trade on Wednesday, sticking to five-month highs as signs of shrinking U.S. inventories and more potential supply disruptions in Russia presented a tighter outlook for global crude markets.

Currency: The dollar was on the front foot on Wednesday, pinning the yen near its lowest its decades though the heightened threat of currency intervention by Tokyo capped further declines in the Japanese currency

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