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Market Review

US: US stocks closed broadly lower Monday as a banner year on Wall Street looked set to finish on a sour note.

Asia: Asian shares struggled for direction on the last trading day of 2024, on course for their first quarterly loss this year after a weak showing on Wall Street

India: Benchmark equity indices ended the week's first trading session in the negative territory as weak Asian and European cues coupled with nervousness over falling rupee and renewed foreign fund outflows prompted investors to reduce equity exposure.

Market is expected to open on a gap down note and likely to witness selling pressure during the day.

Global economy: China’s manufacturing sector expanded in December but at a slower-than-expected pace, its third straight month of expansion as a raft of fresh stimulus measures provided support, purchasing managers index data showed on Tuesday. Manufacturing PMI was at 50.1 in December, data from the National Bureau of Statistics showed. The reading was below the 50.3 seen in the prior month, and compares with the 50.3 average forecast

South Korea's consumer inflation quickened in December, exceeding market expectations amid a weak local currency though it was still lower than the central bank's target. The consumer price index rose 1.9% in December from a year earlier, after a rise of 1.5% in November, Statistics Korea data showed on Tuesday. It was the fastest year-on-year rise in four months and topped a median 1.7% increase forecast in a Reuters survey of economists, but weaker than the central bank's medium-term target of 2%.

Commodities: Oil prices rose in early trade on Tuesday after data showed China's manufacturing activity expanded in December, but for a second consecutive year oil was on track to end lower due to demand concerns in top consuming countries.

Gold prices were unchanged in early Asian hours on Tuesday, the last trading day of an eventful year that saw the metal post its best annual performance in more than a decade.

Currency: The dollar was firm on the last trading day of the year, poised to clock strong gains in 2024 against most currencies as investors prepared for fewer U.S. rate cuts and the incoming Trump administration's policies.

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