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Market Review

US:

US equities came to a halt on Tuesday as interest-rate sensitive technology stocks extended an early decline after Federal Reserve Chair Jerome Powell gave no signs he would support a cut at the central bank’s October meeting.

Asia:

Asian stocks fell after Wall Street retreated as mixed signals from US Federal Reserve policymakers clouded the path for interest-rate cuts. The MSCI Asia Pacific Index fell 0.2% with declines in Japan, which returned after a holiday, Australia and South Korea

India:

India's benchmark equity indices closed in the red for a third straight session on Tuesday. Market is expected to open on a negative note and likely to witness negative move during the day.

Global:

The American Petroleum Institute (API) has reported a greater-than-expected decrease in the weekly US crude stock, indicating a robust demand for petroleum in the country.The actual decrease in crude inventories was recorded at 3.821 mn barrels, a figure that surpasses both the forecasted and previous numbers. Analysts had anticipated a decline, but the actual drop has outperformed their estimates, implying a stronger demand for crude oil.Compared to the forecasted numbers, the actual decrease in crude inventories signals a bullish trend for crude prices

Japan’s manufacturing sector activity fell at the fastest pace in six months in September, driven by further declines in new orders.The S&P Global flash Japan Manufacturing PMI dropped to 48.4 in Sep from 49.7 in August, further below the 50.0 threshold that separates growth from contraction to the lowest reading since March.The data showed the manufacturing output index also falling to the lowest in six months, while the index for new orders hit a five-month low.

Commodities:

Oil prices increased for the second consecutive day. A report indicated a decline in U.S. crude inventories last week. This development suggests a tightening of supplies in the market. The halt in oil exports from Iraq's Kurdistan region also contributed to the price rise.

Gold prices remained stable near record highs. Investors are carefully analyzing Jerome Powell's remarks on potential interest rate cuts. They are also awaiting a key inflation report.

Currency:

U.S. dollar edged up from its lowest level in close to a week on Wednesday, with traders expecting two more U.S. interest rate cuts this year, even after Fed Reserve Chair Jerome Powell struck a cautious tone on further easing overnight.

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