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US: US markets were closed on account of Martin Luther King, Jr. Day.

Asia: Asian stocks slid around 0.5%, while S&P 500 futures dropped 1.1%. In Europe, equities posted their sharpest decline since November in the previous session.

India: India stocks were lower after the close on Monday, as losses in the Real Estate, Oil & Gas and Fast Moving Consumer Goods sectors led shares lower.At the close in NSE, the Nifty 50 lost 0.42% to hit a new 1-month low, while the BSE Sensex 30 index fell 0.39%. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy: The People’s Bank of China left its benchmark loan prime rate unchanged as expected on Tuesday, even as the country grapples with cooling growth and a prolonged debt crisis in its real estate sector. The PBOC left its one-year LPR at 3.0% and its five-year LPR at 3.50%. The Bank of Japan is expected to raise its growth forecast on Friday and signal its readiness to hike interest rates further, as recent yen falls and prospects of solid wage gains keep policymakers alert to containing inflationary pressure. But BOJ Governor Kazuo Ueda is likely to offer few clues on how soon the central bank could resume rate hikes, a decision complicated by rising bond yields and Prime Minister Sanae Takaichi’s announcement on Monday to call a snap election in February.

Commodities: Oil prices edged higher as robust Chinese economic growth data boosted demand optimism. Markets are also monitoring President Trump's threats of increased U.S. tariffs on several European nations over his desire to acquire Greenland.

Gold and silver prices neared record highs as President Trump's threats to acquire Greenland rattled global markets, driving investors towards safe-haven assets. The dollar weakened, and U.S. stocks and bonds saw a selloff, with investors seeking refuge from escalating trade war risks and seeking stability.

Currency: The dollar index hovered around 99 on Tuesday after a sharp fall in the previous session, as escalating tensions between Washington and Europe over President Donald Trump’s proposal to purchase Greenland undermined confidence in US assets.

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