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Market Review

US:

The US stock market witnessed a sharp selloff overnight on March 10, with major indices plunging 4% and 2.70%, respectively, as concerns over a major trade war and economic slowdown in the world's largest economy due to President Donald Trump's trade policies spooked investors.

Asia:

Asian shares fell for a third consecutive session Tuesday, tracking US losses that dragged the Nasdaq 100 to its worst day since 2022, as anxiety mounts that tariffs and government firings will torpedo growth in the world’s largest economy.

India:

The Indian stock market erased their early gains and crashed after banking stocks witnessed sharp selling pressure on Monday, with IndusInd Bank major draggers. Market is expected to open on a gap down note and likely to witness range bound move during the day

Global economy:

Australian consumer sentiment rose to a three-year high in early-March, as consumers were enthused by falling inflation and the Reserve Bank of Australia’s first interest rate cut in over four years. The Westpac-Melbourne Institute consumer sentiment index jumped 4% to 95.9 in March, picking up pace after a 0.1% rise in the prior month. Japan’s economy grew slightly less than initially estimated in the fourth quarter, as sluggish private spending was only partially offset by strength in exports and capital expenditure. GDP grew 2.2% year-on-year in the three months to December 31, down from prior estimates of 2.8%, government data showed on Tuesday.

Commodities:

Oil prices fell for a second day in early trade on Tuesday on worries that U.S. tariffs on Canada, Mexico and China would slow economies around the world and hurt energy demand while OPEC+ ramps up its supply. Gold held steady on Tuesday as investors awaited a key inflation print this week to assess the Federal Reserve's interest rate path, amid concerns of simmering trade tensions and slowing economic growth following U.S. President Donald Trump's tariffs.

Currency:

The yen was investors' safe harbour of choice on Tuesday and it traded near five-month highs as fears about a tariff-driven slowdown in U.S. growth have rattled U.S. stocks and the dollar.

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