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Market Review

US:

US stock market ended mixed on Monday, with the Nasdaq closing at a record high led by megacap tech shares.

Asia:

Most markets in Asia-Pacific markets were trading higher ahead of the Federal Reserve policy outcome.

India:

The benchmark equity indices ended lower on Monday, weighed down by information technology and metal stocks, as well as losses across the Asia–Pacific after mixed data from China. Market is expected to open on a negative note and likely to witness range bound move during the day.

Global economy:

Singapore's non-oil domestic exports rose 3.4% in November from the same month a year earlier, as shipments of electronics increased while non-electronics declined. On a month-on-month seasonally adjusted basis, nonoil domestic exports rose 14.7% in November. Non-oil domestic exports to Taiwan, Hong Kong and Malaysia rose in annual terms in November, while shipments declined to some of Singapore's other top markets, including the United States, China and Japan, Enterprise Singapore said in a statement.

Argentina's economy in the July to September period notched its first quarter-on-quarter economic expansion since entering a technical recession at the end 2023, but contracted yet again in yearly terms. GDP expanded 3.9% in the third quarter in seasonally-adjusted terms versus the second quarter, coming after three consecutive quarter-on-quarter declines. Versus a year earlier, GDP declined 2.1%, the sixth straight contraction. That compares to analysts' forecasts for a 2.6% decline.

US manufacturing activity contracted further in December, with a measure of factory output dropping to the lowest level in more than 4-1/2 years. S&P Global said that its flash manufacturing PMI dropped to 48.3 this month from 49.7 in November.

Commodities:

Oil prices were marginally lower in early Asian trade on Tuesday, a day after soft economic readings from China dampened sentiment, while traders were cautious ahead of a U.S. Federal Reserve policy meeting later this week.

Gold prices steadied ahead of the Federal Reserve’s policy meeting.

Currency:

The dollar held firm and near recent peaks on Tuesday, on the eve of an expected interest rate cut in the United States, as traders ratchet long-term rate assumptions higher.

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