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Market Review US:

US stock market ended flat, with the Nasdaq seeing a modest gain, while Treasury yields spiked.

Asia:

Asian markets traded mixed on Wednesday, reflecting subdued risk appetite.

India:

On Tuesday, the Indian stock market indices succumbed to a strong wave of sell-off and ended sharply lower by over a percent each. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global economy:

In a surprising turn of events, the American Petroleum Institute (API) reports an increase in the inventory levels of US crude oil, gasoline, and distillates stocks. The figure, which is a key indicator of US petroleum demand, shows an unexpected rise in available storage. The actual increase in crude inventories came in at 1.643 million barrels, significantly higher than the forecasted 0.700 million. This unexpected jump implies a weaker demand for crude, which could be a bearish sign for crude prices. Comparatively, the current figure diverges sharply from the previous week's data. The prior week saw a decrease in crude inventories of -1.580 million barrels, pointing to stronger demand. The IMF warned of a possible worsening of the state of China’s property market as it trimmed its growth expectations for the world’s second-largest economy. The IMF trimmed its forecast for growth in China for this year to 4.8%, 0.2% points lower than in its July projection. In 2025, growth is expected to come in at 4.5%, according to the IMF. They also highlighted that China’s property sector contracting by more than expected is one of many downside risks for the global economic outlook.

Commodities:

Oil prices edged down on Wednesday after industry data showed U.S. crude inventories had swelled more than expected, while the market kept watch on diplomatic efforts in the Middle East as Israel continued attacks on Gaza and Lebanon. Gold prices surged to a record high on Wednesday as the conflicts in the Middle East and uncertainty surrounding the upcoming U.S. election spurred demand for safe-haven assets.

Currency:

The U.S. dollar hovered at a 2-1/2-month peak on Wednesday as investors adjusted bets toward a gradual reduction of interest rates while keeping an eye on a close presidential election race.

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