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Market Review

US:

US stocks sank on Tuesday but finished off their session lows, kicking off what is historically the worst trading month of the year as Wall Street looked ahead to a crucial jobs report that could shape expectations for interest-rate cuts.

Asia:

Asia-Pacific markets traded mixed Wednesday as investors assessed rising global bond yields and the latest developments on the trade front.

India:

The stock market snapped early gains to end lower on Tuesday, dragged by banking and financial stocks, even as broader markets outperformed and metals rallied. Market is expected to open on a negative note and likely to witness negative move during the day.

Global economy:

With the tariffs still imposed until Oct 14 and the expected appeal by the Trump administration, shippers are sitting tight. “Most shippers are awaiting the appeal to the U.S. SC and its final decision. There has been a lot of frontloading as well so impact for now should be minimal,” he said, referring to the period early this year when imports surged as businesses loaded up on inventory to avoid tariff effective dates. Treasury Secretary Scott Bessent said he believes the SC will uphold Trump’s use of a 1977 emergency powers law to impose the tariffs on trading partners, and the administration has a backup plan if it does not. Later in the day, President Trump said he would ask the Supreme Court for an “expedited ruling.”

China’s service sector grew at a faster-than-expected pace in August, private purchasing managers index data showed on Wednesday, aided by strong domestic demand and as export orders also increased. The RatingDog China General Services PMI rose to 53.0 in August from 52.6 in July. The print also beat expectations of 52.4

Commodities:

Oil prices were steady in Asian trading on Wednesday, holding on to sanctions-driven gains from the previous session as the market looked ahead to an OPEC+ meeting over the weekend.

Gold prices extended their record run on Wednesday, holding firm above the key $3,500 level, driven by growing investor confidence that the U.S. Federal Reserve will cut interest rates in September

Currency:

U.S. dollar hovers around five-week low amid Fed caution, tariff uncertainty.

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