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Market Review

US:

U.S. stocks fell to their worst loss since Election Day as the rally that Wall Street got from last week’s victory for Donald Trump and a cut to interest rates by the Federal Reserve kept fading. The S&P 500 sank 1.3% Friday to close a losing week.

Asia:

Asia markets traded mostly lower on Monday ahead of key economic data in the region this week, including China’s loan prime rate and Japan inflation data.

India:

Benchmark equity indices ended the week's last trading session in the negative territory Market is expected to open on a negative note and likely to witness range bound move during the day.

Global economy:

The latest data on U.S. Business Inventories has been released, revealing a slight decrease in the worth of unsold goods held by manufacturers, wholesalers, and retailers. The actual figure came in at 0.1%, a modest dip from previously recorded data. This 0.1% figure stands in contrast to the forecasted 0.2%, indicating a lower than expected inventory build-up. This lower reading is generally viewed as positive or bullish for the U.S. dollar, suggesting a potential strengthening of the currency in the near term.

Chinese industrial production grew at a slower-than-expected pace in October amid weak local demand, although retail sales rose past expectations on support from the Golden Week holiday. Industrial production rose 5.3% year-on-year in Oct. The reading was weaker than expectations of 5.5% and slowed from the 5.4% seen in the prior month. The weak industrial production print came as Chinese manufacturing activity remained languid through Oct, amid persistent headwinds from sluggish local demand and spending. This was also seen with weaker-than-expected fixed asset investment in the month, which grew 3.4% y-o-y against expectations of 3.5%.

Commodities: Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world's second-largest consumer, and forecasts of a global oil surplus weighed on markets.

Gold prices inched higher on Monday following last week's sharp declines, although expectations of slow U.S. interest rate cuts limited the recovery.

Currency: The dollar was looking to extend its bull run on Monday as lofty Treasury yields and a more restrained outlook for U.S. rate cuts burnished its attractiveness, though the risk of intervention had caused a pullback against the yen.

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