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Market Review

US:

US stocks closed mixed on Tuesday as investors digested fresh jobs data and new Fedspeak regarding the path forward for interest rates.

Asia:

Asian equities stumbled on Wednesday while currencies were volatile as traders scrambled to contend with the political storm in South Korea, where martial law was imposed and subsequently lifted hours later.

India:

Benchmark equity indices gained for a third consecutive session to close at highest in around a month as global sentiment was uplifted ahead of monthly jobs data from the US and on the back of gains in heavyweights including HDFC Bank, which hit a record high. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

South Korea's finance ministry is ready to deploy unlimited liquidity into financial markets if needed after President Yoon Suk Yeol lifted a martial law declaration he imposed overnight that pushed the won to multi-year lows. The announcement came after Finance Minister and Bank of Korea Governor held emergency meetings overnight, and ahead of the BOK's extraordinary meeting session abruptly scheduled on Wednesday. All financial, FX markets as well as stock markets will operate normally, the government said in a statement.

Regional mayors across England will be given new powers to boost economic growth and attract investment, British finance minister said on Tuesday during a visit to the northern English city of Hull. The poor economic performance of regions outside the capital, and London's growing dominance, has become an increasingly acute problem for Britain. Reeves told the Great Northern Conference that a policy document on English devolution due later this month would include new strategic partnerships between city regions headed by mayors and the Department for Business and Trade.

Commodities:

Oil prices increased by over 2% as Israel threatened to attack Lebanon if the truce with Hezbollah collapses. Investors are also anticipating OPEC+ to extend supply cuts. Brent crude rose by 2.5% and U.S. West Texas Intermediate by 2.7%.

Gold prices steadied on Wednesday as markets awaited more jobs data and comments from Federal Reserve Chair Jerome Powell for further clarity on the U.S. rate outlook.

Currency:

The U.S. dollar recovered from a three-week low versus the yen on Wednesday and held its ground against other major rivals as traders pondered the chances of a Federal Reserve interest-rate cut this month.

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