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Market Review

US: The U.S. stock market fell as tech sold off and a pile of options expiring Friday threatened to trigger sudden price swings.

Asia: Most markets in Asia-Pacific region were trading on a mixed note as investors await interest rate decision from the Bank of Japan and Federal Reserve this week.

India: India's benchmark stock indices snapped a four-week rally and recorded their worst fall in over four months on Friday, dragged by shares of Mahindra & Mahindra and Reliance Industries. Market is expected to open gap down and likely to witness profit booking during the day.

Global Economy: China's fragile housing market opened this year with slower declines in property investment and sales, buoyed by government efforts to arrest a protracted downturn in the sector, official data showed on Monday. Property investment in China fell 9.0% year-on-year in the first two months of 2024, compared with a 24.0% fall in December 2023. Property sales by floor area logged a 20.5% slide in JanuaryFebruary from a year earlier, compared with a 23.0% fall in December last year. Chinese industrial production grew more than expected in the first two months of 2024, as manufacturing output continued to benefit from supportive policies and monetary stimulus from the government. But an unexpected increase in unemployment and weaker-than-expected retail sales data showed large swathes of the Chinese economy still remained under pressure. Singapore’s key non-oil exports fell more than expected in February, as a new-year boost in demand now appeared to be running out of steam. Non-oil exports fell 0.1% year-on-year in February The reading was much weaker than expectations for an increase of 4.7%.

Commodities: Gold struggled for momentum in early Asian hours on Monday as the dollar held firm and investors braced for a series of major central bank policy meetings including the U.S Oil prices ticked up in early Asian trading on Monday, firming up gains from last week when prices rose nearly 4% on the view that supply was tightening.

Currency: The dollar was steady on Monday as traders looked ahead to a week dominated by central bank meetings worldwide, with the Bank of Japan seemingly on the brink of ending negative rates and the focus on how many rate cuts the Federal Reserve projects.

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