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Market Review

US:

Stocks rallied during regular trading Tuesday as investors largely brushed aside geopolitical concerns following US military action in Venezuela over the weekend.

Asia:

Asian defense stocks snapped a two-day winning streak amid mixed trading in the region, as investors continued to assess geopolitical risks after the U.S. attack on Venezuela and renewed rhetoric over Greenland.

India:

Indian equities closed largely lower as weakness in Reliance Industries, Trent and ITC offset gains in banks, insurance and metals, with market breadth firmly favoring declines. Market is expected to open on a gap down note and likely to witness range bound move during the day.

Global economy:

Australian CPI inflation eased more than in Nov amid some cooling in electricity prices, although core inflation still remained sticky and above the Reserve Bank of Australia’s target range. CPI inflation rose 3.4% year-on-year in Nov. The print was softer than expectations of 3.6% and slowed from the 3.8% seen in October.

Japan’s service sector expanded at its slowest pace since May in Dec, as softer overall demand countered a rebound in new export businesses. S&P Global final Japan Services Purchasing Managers’ Index (PMI) fell to 51.6 in Dec from 53.2 in Nov, worse than a flash reading of 52.5 but remaining above the 50.0 line that separates growth from contraction for the ninth consecutive month.

Commodities:

Oil prices declined on Wednesday after U.S. President Donald Trump said Venezuela will be "turning over" 30 million to 50 million barrels of sanctioned oil to the United States.

Gold price (XAU/USD) climbs to near $4,500 during the early Asian trading hours on Wednesday. The precious metal rises by more than 1% in the day as geopolitical tensions and expectations of US rate cuts keep demand for gold high.

Currency:

U.S. dollar gained against major peers on wed, with the euro trading down following softer inflation data in Europe, but moves were fairly muted with investors focused on how upcoming data will shed light on U.S. monetary policy outlook.

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