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Market Review

US:

US stocks struggled to gain traction as Wall Street's biggest banks strike cautious chord. Meanwhile, Brent oil prices fell below $70 a barrel, due to growing concerns about oversupply.

Asia:

Asia-Pacific benchmarks declined on Wednesday before the release of US CPI data for August, which investors will parse to get a sense about the quantum of rate cuts the Federal Reserve will opt for in its policy meeting next week.

India:

The Indian benchmark indices extended their rally to close higher for the second session in a row on Tuesday, led by gains in the IT sector. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

Australia's central bank said that the labour market remained tight but was moving towards balance as high interest rates work to slow demand in what should be a mild downturn. In a speech in Sydney, Reserve Bank of Australia Assistant Governor Sarah Hunter said conditions in the labour market remained tighter than estimates for full employment, with strength in hours worked, underemployment and participation somewhat surprising. Yet the labour market has been easing with unemployment rising to 4.2% in July and away from last year's trough of 3.5%. The RBA expects this process to continue gradually as population growth outstrips employment gains and firms cut back on hours worked. An employee of French drugmaker Ipsen has agreed to plead guilty to illegally making more than $262,000 by trading on inside information he learned about his company's plans to acquire cancer drug developer Epizyme in 2022. Dishant Gupta, Ipsen's director of data strategy and operations, plans to plead guilty to securities fraud and is settling related claims by the U.S. Securities and Exchange Commission, according to filings in Boston federal court on Tuesday. A plea hearing is set for Oct. 8. \

Commodities:

Crude prices bounced on Wednesday as concerns about Tropical Storm Francine disrupting supply of oil outweighed worries about demand. Gold prices were steady on Wednesday, as investors awaited upcoming key U.S. inflation data for hints on the depth of interest rate cuts expected from the Federal Reserve next week.

Currency:

The dollar weakened against major currencies as investors await key inflation data and a U.S. presidential debate. Safe-haven currencies like the yen and Swiss franc gained amid a drop in bank shares. The Federal Reserve is expected to cut interest rates next week, with the size of the cut still uncertain.

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