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Market Review

US:

US stock market ended higher overnight, with all the three major Wall Street indexes surging to record high closes.

Asia:

Asia’s benchmark equity index crept higher early Tuesday after US stocks rose for a fifth session.

India:

After showing up move in the last couple of sessions, domestic equity indices witnessed high volatility on Monday and closed the day lower by 06 points. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

U.S. investors acquired U.S. money market funds of a net $78.68 bn during the week, registering their largest weekly net purchase since Sept. 25.U.S. equity funds also saw about $3.96 bn worth net purchases during the week following two weeks of outflows in a row, thanks to a robust $7.27 bn worth of net inflows in the large-cap segment during the week. U.S. mid-cap funds also witnessed $299 mn worth of net purchases, but the multi-cap and small-cap segments experienced net outflows of $2.47 bn and $53 mn, respectively. Investors pumped a net $1.01 bn into the industrial sector in their largest weekly net purchase since July 17. Conversely, the financials and consumer staples sectors saw a net $420 mn and $354 mn worth of sales.

Australia’s consumer sentiment rose in Nov while business confidence jumped to the highest level since early 2023, reflecting ebbing inflation pressures that suggest the next move in interest rates will be a reduction. The confidence across corporate Australia extended to households, with consumer sentiment climbing 5.3% to 94.6 points. The index is now up 14.4% from its mid-year lows and closing in on the 100 dividing line between pessimists and optimists. Household sentiment has been in the doldrums in the post-pandemic period as a surge in inflation prompted the RBA to raise rates; the central bank has pointed to persistent price pressures to justify keeping them elevated even as global counterparts ease.

Commodities:

Oil prices were little changed in early trading on Tuesday, awaiting further price direction from OPEC's monthly report after China's stimulus plan and oversupply concerns took the wind out of markets in prior sessions.

Gold ticked up on Tuesday but hovered near a one-month low, while investors awaited U.S. economic data and comments from Federal Reserve officials for further clarity on the interest rate trajectory.

Currency:

The U.S. dollar traded close to a four-month peak versus major peers on Tuesday.

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