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Market Review

US:

US stocks rose on Monday to add to their all-time high s, as investors focused on earnings and economic data later in the week.

Asia:

Asian stocks were mostly higher on Tuesday, supported by a strong Wall Street close and investor optimism about corporate earnings, while the dollar held near a two-month top, aided by bets on a smaller U.S. rate cut next month.

India:

India's benchmark stock indices, Nifty and Sensex, ended at over one-week highs on Monday, tracking the sharp gains in Infosys Ltd. and HDFC Bank Ltd. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global Economy:

China's export growth slowed sharply in September while imports also unexpectedly decelerated, undershooting forecasts by big margins and suggesting manufacturers are slashing prices to move inventory ahead of tariffs from several trade partners.

Brazil's economic activity again surprised on the upside in August, central bank data showed on Monday, reinforcing a view of heated economic momentum that prompted policymakers to kick off a monetary tightening cycle last month. Members of the bank's interest rate-setting committee have mentioned stronger-than-expected activity as a key reason behind the move as it has impacted inflation expectations and consumer price readings, which remain above target.

Central banks remain keen buyers of gold to diversify their reserves for financial or strategic reasons, representatives of three central banks told the London Bullion Market Association's annual conference in Miami on Monday. Elevated demand for gold from central banks underpinned the price of the non-yielding gold when the global interest rates were high in 2022-2023 and then slowed down with this year's 28% spot gold price rally. China's central bank held back on buying gold for a fifth straight month in September.

Commodities:

Gold was flat on Tuesday as investors await fresh insights into the Federal Reserve's stance on U.S. interest rate reductions for further direction on prices.

Oil prices fell sharply in Asian trade on Tuesday, extending recent losses amid growing concerns over a demand slowdown, while a report suggesting that Israel will not attack Iranian oil facilities also weighed.

Currency:

The U.S. dollar was perched at an over two-month high against major currencies on Tuesday, spurred by wagers the Federal Reserve will proceed with modest rate cuts in the near term, while the yen inched closer to the key 150 per dollar level.

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