Market is expected to open on a flattish note - Nirmal Bang Ltd
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Market Review
US: U.S. stocks closed near flat on Tuesday ahead of inflation and other economic data that could shed light on the possible timing of a Federal Reserve interest rate cut.
Asia: Asia-Pacific markets fell Wednesday, with stocks in South Korea and Taiwan leading declines as major tech firms including chipmakers came under pressure after Barclays downgraded Apple.
India: Benchmark indices closed up on Tuesday, even as global peers were mixed in anticipation of inflation data set to be released in Europe and US this week. Market is expected to open on a flattish note and likely to witness range bound move during the day
Global Economy: U.S. consumer confidence retreated in February after three straight monthly increases as households worried about the labor market and the domestic political environment. The Conference Board said that its consumer confidence index slipped to 106.7 this month from a downwardly revised 110.9 in January.
Australian consumer inflation remained steady in January from the prior month, missing market expectations for an increase in price pressures, but also remaining above the Reserve Bank’s annual target. CPI inflation grew 3.4% year-on-year in January, data from the Australian Bureau of Statistics (ABS) showed. The reading was lower than expectations of 3.6%, and was steady from December’s reading.
Japan's core consumer inflation slowed for a third straight month in January but beat forecasts and held at the central bank's 2% target, keeping alive expectations it will end negative interest rates by April.
Commodities: Gold prices edged higher on Wednesday, as U.S. bond yields fell, while investor focus was on a key U.S. inflation print and remarks from several Federal Reserve officials this week for fresh clues on the central bank's interest rate trajectory
Oil prices slipped in early Asian trade on Wednesday as the prospect of a delayed US rate cutting cycle offset the boost provided by talk of extensions to production cuts from OPEC.
Currency: The dollar traded on the back foot as markets looked ahead to a week of key U.S. economic data that will provide fresh signals on how soon the Federal Reserve may begin cutting interest rates.
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