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Market Review

US:

US stocks bid farewell to the month and the quarter with fresh records as investors reacted to Federal Reserve Chair Jerome Powell vowing to do what it takes to keep the economy humming, while signaling he won't rush future rate cuts.

Asia:

Asian markets started the week on a positive note on Tuesday, with most indices trading higher. This movement comes after comments from Federal Reserve Chair Jerome Powell suggested that recent cuts made by the US central bank should not be viewed as an indication of future aggressive moves.

India:

India's benchmark stock indices recorded their worst day in nearly two months on Monday, tracking sharp falls in heavyweights Reliance Industries Ltd. and ICICI Bank Ltd. amid heightened geopolitical tension in the Middle East.Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global Economy:

Australian retail sales experienced a strongerthan-expected rebound in Aug’24, rising by 0.7% from July. This uptick surpassed analysts’ predictions of a 0.4% increase. The unusually warm weather played a key role, prompting consumers to start their spring shopping early, with a surge in purchases of summer clothing, outdoor dining items, and camping gear. On a yearly basis, sales climbed 3.1% to A$36.5bn ($25.26bn), though this growth remains modest considering Australia’s rapid population expansion. The Reserve Bank of Australia’s (RBA) efforts to curb inflation by raising interest rates to 4.35% since May’22 seem to be taking effect, with headline inflation slowing to 2.7% in August, within the target range of 2-3%, partly due to government electricity rebates. Japan's jobless rate in August fell to 2.5% from 2.7% in July. The seasonally adjusted unemployment rate compared with economists' median forecast of 2.6%. The jobs-to-applicants ratio in August declined to 1.23 from 1.24 July, separate labour ministry data showed. The median forecast was for 1.24.

Commodities:

Gold price held its ground on Tuesday, following a decline of nearly 1% in the previous session, as investors awaited upcoming U.S. data for insights on potential interest rate cuts this year.

Oil prices were steady on Tuesday as the prospect of additional supply entering the market amid lacklustre global demand growth offset concerns that the escalating Middle East conflict could disrupt exports in the key producing region.

Currency:

The U.S. dollar gained against major peers on Tuesday after Federal Reserve Chair Jerome Powell pushed back overnight against bets on more supersized interest rate cuts.

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