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Market Review

US: The S&P 500 rose to a new all-time intraday high on Tuesday, aided by gains in Big Tech, as traders awaited earnings from companies in the sector. Traders also looked ahead to the Federal Reserve’s first rate decision of the year, due Wednesday.

Asia: Asia-Pacific markets were mixed Wednesday, breaking ranks with Wall Street after the S&P 500 closed at a record high.

India: Indian stock indices Nifty and Sensex closed higher on Tuesday, driven by gains in financials, IT, and metals, despite selling in auto and FMCG sectors. Market is expected to open on on a flattish note and likely to witness sideways move during the day.

Global economy: Australian CPI inflation grew more than expected in Dec, while core inflation also ticked up and remained well above the Reserve Bank of Australia’s annual target range. The print ramped up expectations that the RBA will hike interest rates in the near-term. CPI inflation grew 3.8% YoY in Dec against expectations of 3.5%, data from the Australian Bureau of Statistics (ABS).

The American Petroleum Institute (API) has reported a decrease in the weekly crude stock, indicating a potential surge in demand for crude oil and its derivatives. The actual inventory levels, as per the latest report, have dipped to -0.250 million barrels, a significant deviation from the forecasted increase of 1.450 million barrels.

U.S. single-family house prices accelerated in Nov , which combined with high mortgage rates could keep potential homeowners on the sidelines even as the Trump administration takes steps to address the issue of housing affordability. House prices increased 0.6% on a MoM basis after an unrevised 0.4% rise in Oct. Prices increased 1.9% in the 12 months through November, after advancing 1.8% in October.

Commodities: Oil prices were mixed on Wednesday, with Brent down slightly but the U.S. contract edging higher as supply concerns grew after a winter storm disrupted crude output and halted Gulf Coast exports over the weekend.

Gold broke through $5,200 for the first time on Wednesday, after rising more than 3% on Tuesday, as the dollar plunged to a near four-year low amid persisting geopolitical concerns, ahead of a U.S. Federal Reserve monetary policy decision.

Currency: The U.S. dollar was grappling with a "crisis of confidence" as it struggled near four-year lows on Wednesday after President Donald Trump brushed off its recent weakness, exacerbating the dollar selling and lifting the yen, euro and sterling.

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