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Market Review

US: U.S. stocks closed mostly higher Friday, with the Dow Jones Industrial Average and S&P 500 both eking out fresh record highs as megacap chip maker Nvidia Corp. extended its rally.

Asia: Asian shares were taking a breather near seven-month highs on Monday as investors awaited inflation data from the United States, Japan and Europe that will help refine expectations for future rate moves.

India: After hitting a fresh record high of 22,298 in early deals, the benchmark Nifty50 index succumbed to profit booking in the second half dragged by IT and select financial shares.

Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global Economy: China's trade with its major partners fell in 2023 — its annual exports dipped for the first time in seven years. Although there have been parts of overall trade with China that have declined, the country's engagement and importance in the global value chain has not diminished, said ADB's chief economist.

Singapore consumer price index inflation grew at its slowest pace in more than two years in January, aided by decreasing fuel and housing costs, while tight monetary conditions saw a decline in recreational spending. Headline CPI inflation grew 2.9% year-on-year in January, official data showed.

Commodities: Gold price trades in negative territory during the early Asian trading hours on Monday. However, the uncertainties surrounding Fed’s interest rate might lift the yellow metal ahead of the Core Personal Consumption Expenditures Price Index (Core CPI) on Thursday. Gold price is trading at $2,034, losing 0.13% on the day.

Oil prices fell in early Asian trading on Monday, extending losses from the previous session after oil ended the week 2-3% lower amid market concerns that higher-than-expected inflation could delay U.S. interest rate cuts.

Currency: The dollar was on the front foot on Monday ahead of a packed week filled with key economic releases that will provide further clues on the global interest rate outlook, with a U.S. inflation reading taking centre stage. The dollar index was last 0.04% higher at 104.01.

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