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Market Review

US: The US stock market indexes closed higher on Monday, snapping their four-day losing streak, as a rally in Amazon fueled other big tech stocks, while energy stocks gained despite the fall in crude oil prices.

Asia: Asia-Pacific markets fell across the board despite a broad rebound on Wall Street and Moody’s warning that a U.S. government shutdown would be “credit negative” for the world’s largest economy.

India: India's benchmark stock indices ended little changed with a positive bias after declining for four consecutive trading days on Monday. Market is expected to open on a negative note and likely to remain cautious during the day.

Global Economy: Singapore CPI inflation eased slightly in August, aided by softer services and food prices, although increased fuel prices still kept inflation underpinned. Singapore CPI rose 4% in the 12 months to August, as expected, compared to a 4.1% increase in the prior month.Excluding volatile items such as accommodation and private transport expenses, core CPI inflation grew 3.40% in August, slightly missing expectations of 3.5%, and falling from the 3.8% recorded in July.The softer inflation reading was spurred by easing global supply chain issues, which saw the cost of food and consumer good imports decrease through the month. Spanish industrial prices fell a record 10% in the 12 months through August, from a revised 8.6% decrease in the 12 months through July.INE revised down the YoY July figure to a drop of 8.6% from an initial 8.4%.Energy prices sank 29%, the fastest rate since the beginning of the series, mainly thanks to cheaper gas.Intermediate goods prices fell 5.8% over the period, led by prices of metals, including iron and steel products.

Commodities: Gold prices drifted lower on Tuesday as the U.S. dollar and Treasury yields climbed, with investors awaiting a key consumer inflation report for more cues on whether the Federal Reserve will hike interest rates once again this year. Oil prices fell slightly in Asian trade on Tuesday amid growing fears that higher-for-longer U.S. interest rates will weigh on demand, while renewed concerns over China’s economy also dented sentiment. 

Currency: The dollar stood by 10-month highs against a basket of major currencies on Tuesday, supported by U.S. bond yields scaling 16-year peaks, while the yen tiptoed deeper into the intervention danger zone. 

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