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Market Review

US:

Wall Street's main indexes ended higher on Monday, with the small-cap Russell 2000 index hitting an all-time high after Scott Bessent's nomination as U.S. Treasury secretary helped push bond yields lower.

Asia:

Asia-Pacific markets traded lower on Tuesday, failing to follow Wall Street's record-breaking rally spurred by Presidentelect Donald Trump’s nomination of Scott Bessent as Treasury Secretary.

India:

Indian equity indices gained nearly 4% over two sessions, recouping recent losses. Both the benchmarks recorded their highest closing since Nov 6. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

Singaporean consumer inflation grew at a slower-than-expected pace in October, aided chiefly by softer housing and energy costs, while import prices also fell. Consumer price index inflation rose 1.4% in October from a year earlier, lower than a forecast of 1.8% due to a moderation in services, electricity and gas, and other goods inflation. The core inflation rate, which excludes private road transport and accommodation costs, rose 2.1% compared with a 2.8% rate in September. The slower rise has been helped by services inflation, which has been on an easing trend, and should slow further over the rest of 2024.

Canadian factory sales most likely rose 1.3% in October from September, largely driven by higher sales in petroleum and coal product as well as transportation equipment subsectors. The estimate was calculated based on a weighted response rate of 67.8%. The average weighted response rate for the survey over the previous 12 months has been 94.0%.

Commodities:

Oil steadied after a sharp decline in the previous session as Israel said that it had edged closer to a ceasefire agreement with Hezbollah.

Gold prices fell on Tuesday to their lowest in more than a week, weighed down by a stronger dollar and reports of a potential Israel-Hezbollah ceasefire that dampened safe-haven demand.

Currency:

The dollar rallied against major peers on Tuesday after U.S. President-elect Donald Trump pledged tariffs on all imports from Canada and Mexico, and additional tariffs on China.

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