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Market Review

US: The S&P 500 and Nasdaq posted their biggest daily percentage gains since April 27 on Tuesday as softer-thanexpected inflation data supported the view that the Federal Reserve may be done raising interest rates.

Asia: Asian markets opened higher on Wednesday, with the MSCI Asia ex-Japan index gaining 2%.

India: On Monday, the domestic benchmark equity indices ended half a percent lower amid mixed global cues. Indian markets were shut for a holiday on November 14. Market is expected to open gap up and likely to witness positive move during the day.

Global Economy: The Bureau of Labor Statistics released the latest US inflation data today, revealing a decrease in the overall Consumer Price Index (CPI) to 3.3% from the previous 3.7%, while the core CPI, which excludes volatile food and energy prices, remained unchanged at 4.1%. This update comes after a notable decline from the June 2022 peak of 9.1% year-over-year to a low of 3% in June 2023, followed by a slight rebound attributed to rising energy costs and persistent core inflation components.

China's October economic activity perked up as industrial output grew at a faster pace and retail sales growth beat expectations, an encouraging sign for an economy still showing significant pockets of weakness despite a flurry of support measures. The world's second-biggest economy has struggled to mount a strong post-COVID recovery as a deepening property crisis, local government debt risks, slow global growth and geopolitical tensions have dented momentum.

Commodities: Gold prices held firm on Wednesday following a sharp rise in the last session, as data showing slowing inflation in the U.S. bolstered the view that the Federal Reserve might be done with raising interest rates. Oil prices rose in Asian trade on Wednesday tracking optimism over cooling U.S. inflation and some positive Chinese data, with focus now turning to signs of a potential build in U.S. crude inventories

Currency: The battered yen was stuck near a three-decade low against the dollar on Tuesday, struggling to find a floor as the Bank of Japan's (BOJ) ultra-easy monetary policy settings remained at odds with the prospect of higher-for-longer rates elsewhere

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