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Market Review

US:

A selloff in major global companies led to a decline in the US stock markets as traders awaited key earnings reports from tech giants and central bank decisions. Although most S&P 500 shares rose, tech sector weakness, notably a 7.04% drop in Nvidia Corp. impacted the index.

Asia:

Most share indices in the Asia-Pacific region were trading higher on Wednesday before the rate decisions from the Bank of Japan, and the US Federal Reserve. Both are scheduled to be published later today.

India:

India's benchmark stock indices continued their gains for the third consecutive session to end at fresh record closing highs on Tuesday, led by gains in HDFC Bank Ltd., Tata Motors Ltd., and NTPC Ltd. Both indices closed at their highest levels. The NSE Nifty 50 closed at 24,857.30, up 0.09% or 21.20 points, and the S&P BSE Sensex closed at 81,455.40, up 0.12% or 99.56 points. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global Economy:

Australian consumer price index inflation grew as expected in the second quarter, while softer-than-expected core inflation drove up bets that the Reserve Bank will not hike interest rates any further. CPI inflation grew 3.8% year-on-year in the three months to June 30, data from the Australian Bureau of Statistics showed on Wednesday. The reading was in line with expectations and picked up from the 3.6% seen in the prior quarter. Underlying inflation- which excludes the impact of volatile items such as fresh food and fuel, fell to 3.9% from 4%. China's non-manufacturing activity expanded more slowly in July, an official factory survey showed on Wednesday, pointing to slowing domestic demand for services and reinforcing how troubling a years-long crisis in the property sector is. The official non-manufacturing purchasing managers' index (PMI), which includes services and construction, slowed to 50.2 from 50.5 in June, according to the National Bureau of Statistics (NBS).

Commodities:

US gold prices held steady on Wednesday and were headed for a monthly gain on rising optimism surrounding US rate cuts, while focus shifted to the Federal Reserve policy verdict due later in the day. Oil futures clawed back some losses on Wednesday, recovering from 7-week lows as geopolitical tensions rose after Israel retaliated against an attack by Hezbollah, although prices remained under pressure from concerns about demand in China.

Currency:

The Japanese Yen (JPY) trims its daily gains against the US Dollar (USD) as traders anticipate the Bank of Japan’s (BoJ) monetary policy decision on Wednesday.

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