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Market Review

US: The stock markets in the United States are closed on Monday, January 20, on account of Martin Luther King Jr. Day holiday.

Asia: Asian stocks advanced with US equity futures after President Donald Trump held off from imposing sweeping trade tariffs in his first day in office.

India: The Indian market closed in the green on Monday, buoyed by gains in Kotak Mahindra Bank and Wipro following their better-than-expected quarterly earnings while Zomato crashed over 7% after it posted weaker-than-expected quarterly results just before the market closed. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy: President Donald Trump did not immediately impose tariffs on Monday as previously promised but directed federal agencies to "investigate and remedy" persistent U.S. trade deficits and unfair trade practices and currency manipulation by other countries. Trump, sworn in on Monday, said in his inaugural address the U.S. would collect "massive amounts" of income from foreign trade duties as his administration works to rebuild American industry. "Tariffs are going to make us rich as hell," Trump later told supporters at Capital One Arena in Washington. "It's going to bring our country's businesses back that left us."

The European Banking Authority said on Monday it would assess how European banks would react to a hypothetical spiralling of geopolitical tensions and ensuing trade wars in an upcoming health check of the industry. The simulation, which assumes a dramatic blow to the European economy from geopolitical and trade shocks, kicks off just as Donald Trump is sworn in as U.S. president and prepares to review trade relationships with key partners.

Commodities: Oil prices fell in volatile Asian trade on Tuesday after President Donald Trump declared a national emergency on his first day in office with the intent of shoring up U.S. energy production.

Gold prices steadied on Tuesday as markets evaluated the possible consequences of U.S. President Donald Trump's policies in his second term after his inauguration.

Currency: The dollar rebounded in choppy Asian trade on Tuesday after U.S. President Donald Trump suggested the United States could impose tariffs on Canad

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