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Market Review

US:

The Dow Jones Industrial Average surged to a record high close on Tuesday, lifted by progress toward ending the longest U.S. government shutdown, while Nvidia and other artificial intelligence-related companies fell on renewed concerns about elevated valuations.

Asia:

Stocks tiptoed forward at the start of Asian trading on Wednesday as the U.S. Congress looked set to end the federal shutdown and traders looked for direction in the absence of clues from government data services.

India:

On Tuesday, the Indian stock market extended gains to the second consecutive session and ended with decent gains. The Sensex rallied 335.97 points, or 0.40%, to close at 83,871.32, while the Nifty 50 settled 120.60 points, or 0.47%, higher at 25,694.95. Market is expected to open on a gap up note and likely to witness positive move during the day

Global economy:

US President Donald Trump said his administration plans to lower the high tariffs levied against India, as New Delhi has “stopped” the Russian oil purchase. According to reports, Trump also said that Washington is close to a “fair deal” with New Delhi.

US companies shed 11,250 jobs per week on average in the four weeks ended Oct 25, according to data released by ADP Research. The figures suggest the labor market slowed in the second half of Oct, compared with earlier in the month.

China is making good on its pledge to crack down on chemicals that can be used to make fentanyl, a key issue for President Trump during recent talks with Chinese leader Xi Jinping as they aimed to take steps to ease a trade war. Beijing announced new export restrictions on 13 “drug-making” chemicals to the US, Canada and Mexico, including those that are used to produce the synthetic opioid blamed for tens of thousands of overdose deaths in the U.S. every year

Commodities:

Oil prices were little changed on Wednesday after rising in the previous session amid expectations that an end to the longest-ever U.S. government shutdown could boost demand in the world's biggest crude consuming nation.

Gold rose for a fourth straight session on Wednesday, supported by a weaker dollar and expectations that the reopening of the U.S. government and flow of economic data will strengthen bets for an interest rate cut from the Federal Reserve next month.

Currency:

The dollar eased on Wednesday after private-sector U.S. jobs data stoked worries about the health of the labour market, with investors also bracing for an imminent U.S. government reopening that is expected to unleash a backlog of economic releases.

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