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Market Review

US: Wall Street's tech giants dragged US frontline indices after China's AI startup DeepSeek rattled Silicon Valley and hit the top of Apple’s App Store chart.

Asia: Most Asian shares dropped following a bruising session on Wall Street caused by fears the valuation of artificialintelligence companies had become excessive.

India: Market ended the week's first trading session lower, settling down by over 1 percent each, dragged by the selling across the counters. Market is expected to open on a gap up note and likely to witness range bound move during the day.

Global economy: In a promising turn of events for the US economy, the number of newly built single-family homes sold has surpassed expectations. The latest data reveals that new home sales have reached an annualized rate of 698K. This figure significantly outperforms the forecasted rate of 669K, demonstrating a robust housing market and indicating stronger economic growth than anticipated. The positive trend is likely to be interpreted as a bullish sign for the US Dollar, potentially strengthening its position in the currency markets.

On Monday, German business sentiment showed an unexpected improvement, with the IFO institute's business climate index climbing to 85.1 in January, up from 84.7 in December, a surprise to analysts who had anticipated the index to remain steady at the previous month's level. The survey indicated that the uplift in morale was primarily due to a more optimistic view of the present economic situation

Commodities: Oil steadied after sinking by 2% on Monday as US President Donald Trump threatened to introduce a wideranging set of tariffs on imports, including potentially on some key industrial commodities.

Gold prices firmed on Tuesday as focus shifted to the Federal Reserve's first meeting of 2025, while investors try to decipher how U.S. President Donald Trump's policies will impact the U.S. central bank's views on growth and inflation.

Currency: The U.S. dollar steadied after it took a hit overnight amid a broad shakeout in financial markets on the emergence of China's DeepSeek free AI assistant that it says uses lowercost chips and less data.

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