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Market Review

US:

Wall Street closed lower on Monday as investors braced for a slew of economic data later this week while assessing reports on Federal Reserve candidates and commentary from policymakers for clues on the interest rate outlook.

Asia:

Asian markets extended losses with Wall Street on Tuesday as investors jockeyed for position ahead of key US jobs and inflation data, while sentiment remains subdued by worries over a possible tech bubble.

India:

Indian equities closed slightly lower on Monday, snapping a two-day winning streak as losses in auto and financial shares weighed on the benchmarks. Market is expected to open on a negative note and likely to witness negative move during the day.

Global economy:

A federal judge on Monday ordered U.S. President Donald Trump’s administration to extend a deadline for states to implement new immigration-related eligibility restrictions on food aid benefits, allowing them to avoid potentially severe financial penalties for failing to do so in time.

Federal Reserve Governor Stephen Miran said Monday he plans to remain at the central bank after his term expires at the end of January until a new appointee is confirmed to fill his seat. Miran, who was appointed to the Fed board by President Donald Trump in September, made the announcement during an appearance on CNBC.

Federal Reserve Bank of Boston President Susan Collins said a changing inflation outlook tilted her toward supporting last week’s central bank interest rate cut. I supported last week’s Federal Open Market Committee decision to lower the target range for the federal funds rate by 25 basis points, although for me, it was a close call, Collins said in a statement from her bank.

Commodities:

Oil prices fell in early trading on Tuesday, adding to the previous session's losses, as prospects for a Russia-Ukraine peace deal appeared to strengthen, raising expectations of a potential easing of sanctions.

Gold prices edged higher on Tuesday, supported by expectations of a U.S. interest rate cut in January, as investors awaited key jobs data due later in the day, while silver hovered near record highs hit last week..

Currency:

The U.S. dollar sagged to near a two-month low at the start of the Asian trading session on Tuesday as markets awaited the release of a slew of economic data, including the delayed November U.S. jobs report.

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