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Market Review

US: U.S. stocks closed higher on Tuesday following positive earnings from top-tier companies and as investors were focused on quarterly results from Magnificent Seven and other megacap growth stocks.

Asia: Markets in Asia-Pacific region rose on Wednesday, tracking overnight gains on Wall Street and as a declining business activity in the world's largest economy supported hopes of rate cuts by the Federal Reserve this year.

India: Indian equity markets stayed range-bound on Tuesday, giving up most of their gains in the fag-end. The S&P BSE Sensex settled the day up 89 points, while the Nifty50 closed up 32 points. Market is expected to open gap up and likely to witness positive move during the day

Global Economy: Japan's annual business-to-business service inflation accelerated for the second month to hit 2.3% in March, suggesting firms continued to pass on rising labour costs thanks to prospects for sustained wage gains. The data underscores the Bank of Japan's view that rising service prices will replace costpush inflation as a key driver of price gains, and help sustain inflation around its 2% target. The YoY rise in the services producer price index, which measures what companies charge each other for services, followed a 2.2% gain in February. Service price moves are closely watched by the BOJ as a key indicator of whether wages and inflation are rising in tandem, which it set as one of the prerequisites for raising interest rates

The U.S. Federal Trade Commission on Tuesday approved a rule to ban agreements commonly signed by workers not to join their employers' rivals or launch competing businesses, which it says limit worker mobility and suppress wages. The five-member FTC, which enforces antitrust laws and currently has a Democratic majority under President Joe Biden, voted 3-2 to approve the rule during a public meeting. The rule, which was first proposed in January 2023, will take effect in August.

Commodities: Gold prices edged lower on Wednesday, as fears of an escalation in the Middle East conflict eased, while investors waited for crucial U.S. economic data that could shed more light on the timing of interest rate cuts.

Oil prices rose in early trade on Wednesday, adding to gains in the previous session, after industry data showed a surprise drop in U.S. crude stocks last week, a positive sign for demand, and attention shifted away from hostilities in the Middle East.

Currency: The dollar nursed its wounds on Wednesday following big tumbles against the euro and sterling, hurt by a combination of surprisingly robust European activity data and cooling U.S. business growth.

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