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Market Review US:

US: Wall Street's main indexes closed lower on Monday after Federal Reserve Chair Jerome Powell pushed back firmly against speculation that rate cuts would be imminent, while investors assessed a mixed bag of U.S. earnings reports.

Asia: Asian stocks declined as strong US economic data further reduced expectations for a swift Federal Reserve pivot to monetary easing.

India: India's benchmark stock indices ended lower on Monday as last-hour selloffs erased all morning gains, led by losses in index heavyweights Reliance Industries Ltd. and Bharti Airtel Ltd. The Nifty settled 0.38%, or 82.10 points, lower at 21,771.70, while the Sensex fell 0.49%, or 354.21 points, to end at 71,731.42 Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global Economy: Three years of Irish services growth slowed to a near standstill in January with cost pressures also showing an unwelcome sign of strengthening again. The AIB Global S&P Purchasing Managers' Index (PMI) fell to 50.5 from 53.2 in December. The index has stayed above the 50 mark separating growth from contraction since March 2021 and comfortably so throughout 2023 at an average rate of 55.5.

Australian retail sales rose slightly in the fourth quarter of 2023, aided by increased discounts during the holiday season, although overall retail turnover during the quarter remained close to three-year lows. Retail sales grew 0.3% quarter-onquarter in the three months to December 31, data from the Australian Bureau of Statistics (ABS) showed on Tuesday.

Commodities: Gold prices languished near their lowest level in nearly two weeks on Tuesday, weighed down by a firm dollar and elevated Treasury yields, as traders tempered expectations that the U.S. Federal Reserve would aggressively cut interest rates this year.

Oil prices were little moved in early trading on Tuesday, as market participants assessed a visit to the Middle East by US Secretary of State Antony Blinken to discuss a ceasefire offer in the region.

Currency: The US dollar was perched near a three-month peak on Tuesday, buoyed by elevated Treasury yields, on growing expectations that the Federal Reserve is unlikely to cut interest rates aggressively this year.

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