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Market Review

US:

U.S. stocks on Tuesday regained some of the ground they lost after the major indexes began the week with their worst one-day rout in nearly two years.

Asia:

Markets in Japan erased gains on Wednesday as investors speculate over the country and US' monetary policy outlook. Meanwhile, indices in South Korea and Australia were trading with marginal gains.

India:

The Indian benchmark equity indices fell for the third consecutive session on Tuesday and closed at the lowest level in over a month as they erased all their morning gains in the second half of the session. Market is expected to open gap up and likely to witness positive move during the day.

Global economy:

Total U.S. household debt levels edged up in the second quarter but overall delinquency rates stabilized, indicating that borrowers are still in decent enough shape to support the economy, a report from the Federal Reserve Bank of New York said on Tuesday. The bank report, part of its survey of household debt and credit conditions, showed that overall debt levels rose by $109 billion, or 0.6%, in the second quarter to $17.80 trillion. Overall borrowing levels are now $3.7 trillion above where they were at the end of 2019, before the onset of the coronavirus pandemic.The data arrives at an uncertain time for the economy. Panama's government passed two decrees on Tuesday allowing the economy ministry to seek a cumulative $9 billion in financing, Panama's council of ministers said in a statement.The first decree permits the issuance of treasury notes on the local market for up to $6 billion, with maturities between two and 10 years.The second allows the economy ministry to subscribe to financing schemes with local and international institutions for up to $3 billion.

Commodities:

Oil prices slipped in early Asian trading on Wednesday following a brief rebound in the previous session after industry data showed an unexpected build in U.S. crude oil and gasoline inventories, offsetting global oil supply concerns. Gold prices edged lower on Wednesday as the U.S. dollar and Treasury yields firmed, while bets of a September rate cut from the Federal Reserve limited further losses.

Currency:

The dollar was steady on Wednesday, dragging the yen away from a seven-month peak as currency markets regained a semblance of calm in a week that began with a massive shakeout in assets driven by recession fears and unwinding of popular carry trades.

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