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Market Review

US:

U.S. stocks were essentially unchanged at the close of a choppy session on Monday, with a solar eclipse offering distraction ahead of crucial inflation data and the kick-off of first-quarter earnings season.

Asia:

Asia-Pacific markets climbed Tuesday as investors awaited business confidence surveys from Australia and consumer confidence data from Japan, with focus also on U.S. inflation numbers to assess the Federal Reserve’s rate cut path. Japan’s Nikkei 225 gained 0.52% in early trade, while the broad-based Topix rose by 0.35%.

India:

Benchmark indices hit new record highs on Monday, lifted by Maruti Suzuki, M&M, Reliance Industries, Axis Bank, L&T, Bharti Airtel, TCS, and ITC. Market is expected to open gap up and likely to witness positive move during the day.

Global Economy:

Australian consumer sentiment weakened further in early-April, as fears of slowing economic growth, sticky inflation and higher-for-longer interest rates remained in play. While consumer price index inflation did ease substantially over the past year, it still remained well above the Reserve Bank’s annual 2% to 3% target, and was also a key weight on household finances over the past year. Sticky inflation is likely to spur higher-for-longer interest rates in Australia- the prospect of which also dented sentiment in recent months. Higher mortgage rates, following a series of aggressive rate hikes by the RBA over the past two years, also weighed on household finances. An early Easter boosted food spending in Britain last month, lifting retail sales by the most since August, but the broader picture remained subdued as wet weather dampened demand for other goods, the British Retail Consortium said on Tuesday. Britain's economy entered a shallow recession in the second half of last year, but more recent data have suggested a return to sluggish growth in the first quarter of this year as inflation pressures ease.

Commodities:

Gold prices edged up on Tuesday, hovering slightly below a record high as investors awaited the U.S. Federal Reserve's policy meeting minutes and key inflation data for cues on the timing and depth of interest rate cuts. Oil prices today rose in early Asian trading after hopes diminished that negotiations between Israel and Hamas would lead to a ceasefire in Gaza and ease tension in the Middle East.

Currency: 

The dollar was tentative on Tuesday as it failed to get a meaningful boost from a rise in U.S. Treasury yields, though that kept pressure on the yen which languished near multidecade lows and left traders on alert for any signs of intervention.

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