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Market Review

US: The US stock market ended mixed on Friday with the S&P 500 closing above 5,000 for the first time boosted by a rally in megacaps and chip stocks, including Nvidia shares.

Asia: Asian markets were mixed Monday amid muted trading as most markets remain shut for the week for Lunar New Year holidays.

India:

India’s stock benchmarks made a recovery in the second half of Friday’s trading session as investors bought banking, financial, and pharma stocks ahead of the last leg of the thirdquarter corporate results and key macro data this week. Market is expected to open gap up and likely to witness positive move during the day.

Global Economy:

U.S. monthly consumer prices rose less than initially thought in December, but the overall inflation revisions were mixed, and did not shift expectations on the timing of an anticipated interest rate cut from the Federal Reserve this year. The annual revisions published by the Labor Department on Friday also showed the consumer price index increasing slightly more than previously reported in October and November. New bank loans in China jumped by more than expected to an all-time high in January, as the central bank moved to shore up the sputtering economy, reinforcing expectations for more stimulus in the coming months. Policymakers have pledged to roll out further measures to support the weaker-than-expected post-COVID recovery in the world's second-largest economy, amid a deep property crisis and prolonged stock market rout.

Commodities:

Gold price oscillates in a narrow trading range of $2,020-$2,040 during the early Asian trading hours on Monday. Crude oil prices traded lower following last week’s advance after Iran’s foreign minister flagged the Israel-Hamas conflict could be moving closer to a diplomatic solution.

Currency:

The Australian Dollar seeks to build on its recent gains during a quiet Asian session on Monday. Despite stable US Treasury yields, the weakening US Dollar weighs on the AUD/USD pair. Moreover, the rise in Chinese New Loans may provide additional support for the Australian Dollar.

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