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Market Review US:

US stocks dropped on Tuesday, mirroring global markets, as a weak sales forecast from chipmaker ASML hit tech shares, while crude oil prices declined due to easing supply concerns and weaker demand.

Asia:

Asian indices tracked losses on the Wall Street and were lower in early trade on Wednesday.

India:

India's benchmark stock indices closed lower on Tuesday, influenced by a decline in Reliance Industries Ltd., which reported disappointing profits for the September quarter. Market is expected to open on a gap down note and likely to witness profit booking during the day.

Global economy:

Japan's core machinery orders fell 1.9% in Aug from the previous month, down for two straight months and the drop was bigger than expected. That compared with a 0.1% decline expected by Reuters poll. On a yoy basis, core orders, a highly volatile data series regarded as a leading indicator of capital spending in the coming six to nine months, fell 3.4%, versus a forecast for 3.6% growth. World Bank President Ajay Banga on Tuesday warned that a significant widening of the Israel-Gaza war could lead to major impacts on the global economy, calling the steep loss of civilian lives in the region "unconscionable. The war has had a relatively small impact on the global economy thus far, but a significant widening of the conflict would draw in other countries that are larger contributors to global growth, including commodity exporters. Some Western countries are pushing for a ceasefire between Israel and Lebanon, as well as in Gaza, though the United States, Israel's strongest ally, has expressed its continued support and is sending it an anti-missile system and troops.

Commodities:

Oil prices inched higher in early trade on Wednesday on uncertainty over what may happen next in the Middle East conflict, after demand concerns knocked the market to its lowest since early October in the previous session. Gold prices inched higher on Wednesday, as U.S. Treasury yields eased, while market participants waited for more U.S. economic data to determine the number of interest rate cuts the Federal Reserve is likely to deliver in the near term.

Currency:

The U.S. dollar edged higher on Wednesday, taking in stride the release of minutes from the Federal Reserve's September meeting that showed a substantial majority of policymakers backed its outsized 50-basis point rate cut.

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