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Market Review

US:

US stock market ended higher on Tuesday with the Dow Jones notching a record-high close for the second day in a row.

Asia:

Markets in Asia-Pacific logged losses in early trade on Wednesday after an overnight sluggish session on Wall Street, while market participants await Nvdia Corp.'s earnings.

India:

Markets in a choppy session ended flat amid largely mixed global cues. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

Ukraine will temporarily suspend payments on GDP warrants starting from May 31, 2025, Kyiv will also temporarily suspend payments for loans from Cargill Financial Services Intl, starting from Sept. 3, and on gov-guaranteed bonds of Ukrainian power firm Ukrenergo starting from Nov. 9. The GDP warrants and private debt obligations are not part of the country's sovereign restructuring deal that the govt of the war-torn country is expected to finalize any time now. With the Russian war in Ukraine now in its third year, the Kyiv govt relies heavily on foreign financial aid to be able to finance its social and humanitarian payments. Members of the boards of directors overseeing the Chicago and New York Fed Reserve banks voted in favor of lowering by a quarter percentage point the central bank’s discount rate during July, according to meeting minutes released. The Fed said in a press release that while 10 of the 12 regional Fed banks wanted to maintain the discount rate at 5.5% in votes taken last month, the Chicago and New York Fed directors wanted that borrowing rate to move down to 5.25%.

Commodities:

Oil prices rose in Asian trade on Wednesday, buoyed by industry data pointing to another outsized draw in U.S. inventories, while tensions in the Middle East and supply disruptions in Libya also offered support. Gold prices were little changed on Wednesday, but held near a record high hit last week on prospects of imminent U.S. rate cuts and safe-haven demand fuelled by the Middle East crisis.

Currency:

The U.S. dollar held near its lowest in more than a year against a basket of peers on Wednesday, with sterling trading just off multi-year highs, as markets focused on clues to the size of a widely expected U.S. interest rate cut next month.

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