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Market Review

US:

Stocks seesawed Monday but managed to maintain the momentum from late last week as investors braced for key inflation data.

Asia:

Indices in Asia-Pacific region rose in early trade tracking gains in the Japanese benchmark on weaker yen, while investors await US CPI data, due late Wednesday.

India:

The Indian benchmark indices erased some losses to end Monday on a muted note as Infosys Ltd. and HDFC Bank led the gains. The NSE Nifty 50 ended 20.50 points or 0.08%, lower at 24,347, while the S&P BSE Sensex closed 56.99 points or 0.07%, lower at 79,648.92. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global Economy:

Australian wages rose at their slowest pace in a year in the June quarter, falling short of expectations, while softer gains in the private sector suggest the labour market was easing. Figures from the Australian Bureau of Statistics on Tuesday showed its wage price index rose 0.8% in the three months ended June, versus 0.9% in the first quarter and the slowest since the June quarter 2023. That compared with market forecasts for a 0.9% rise. Annual pay growth held at 4.1%, but past growth was revised up slightly, which means there will be a marked slowdown in the annual rate in the third quarter. Growth in the private sector rose 0.7% in the quarter, a low last seen in the December quarter in 2021, as the jobless rate ticked up in response to high interest rates. Australian consumer sentiment improved in early August after the Reserve Bank kept interest rates unchanged and as the effects of recent tax breaks became more apparent, although consumers still remained broadly pessimistic. The WestpacMelbourne Institute consumer sentiment index rose 2.8% in August, more than expectations for an increase of 0.5% and improving from the 1.1% decline seen in the prior month.

Commodities:

Gold prices eased on Tuesday but hovered near a one-week high, while markets awaited a key U.S. inflation data that could provide further insight into the U.S. Federal Reserve's next policy decision. Oil prices edged lower on Tuesday, breaking a five-day streak of gains, as markets refocused on concerns about demand after OPEC on Monday cut its forecast for demand growth in 2024 due to softer expectations in China.

Currency:

The dollar was in limbo on Tuesday as investors waited to see how U.S. economic data affected the chance of outsized rate cuts, while a rally in Japanese stocks helped staunch the bleeding in yen carry trades

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