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Market Review

US:

US stocks slipped for a second straight day as traders trimmed bets on tech megacaps before the end of the year, reported Bloomberg.

Asia:

Asian shares slipped on Tuesday, tracking Wall Street's tech slump, while silver and gold steadied after a sharp pullback from record highs took some froth off the precious metals' incredible rally.

India:

India stocks were lower after the close on Monday, as losses in the Power, Fast Moving Consumer Goods and Healthcare sectors led shares lower. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

The Trump administration on Monday reached a deal with researchers and Democratic-led states who sued over cuts to funding for diversity-related research, agreeing to review grant applications that were stalled or rejected during the legal battle.A federal judge in Boston previously ruled that the National Institutes of Health unlawfully canceled hundreds of millions of dollars

A key Federal Reserve overnight liquidity facility saw increased use data from the New York Fed showed.The U.S. central bank lent a total of $25.95 bn to eligible financial firms via its standing repo operations, the third-highest usage of the lending tool.The funds are lent overnight at 3.75%, the top of the current 3.50%-3.75% target range for the Fed’s policy rate.

Austria’s central bank chief Martin Kocher urged the country to reconsider its opposition to the European Union’s trade agreement with South America’s Mercosur bloc.As a small, export-oriented country, we simply cannot afford to forgo such an opportunity," Kocher told Austrian news agency APA.Austrian lawmakers passed a resolution in 2019 opposing the Mercosur trade deal, a position the government has consistently maintained since then.

Commodities:

Oil prices retreated a touch early on Tuesday after rising more than 2% in the previous session, partly driven by spillover from a pullback in precious metals even as escalating Russia-Ukraine tensions left markets grappling with supply disruption fears.

Gold hovered near a two-week low on Tuesday that it touched in the previous session, as year-end profit-taking caused all precious metals to stage a broad pullback from record highs hit earlier.

Currency:

The U.S. dollar was steady on Tuesday ahead of the Federal Reserve’s release of its December minutes report, which is expected to reveal divisions inside the central bank about next year’s policy pathway.

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