Market is expected to open on a negative note and likely to witness range bound move during the day - Nirmal Bang Ltd
Market Review
US:
US stock markets have tumbled over concerns that President Donald Trump's tariffs on Canada, Mexico and China will lead to a wider trade war and hurt the economy.
Asia:
Stocks in the Asia Pacific region traded mixed early on Wednesday, on the tariff relief signal after President Donald Trump sparked a global selloff.
India:
The benchmark equity indices extended their losing streak to the longest in 29 years, ending lower on Tuesday. Auto, IT, and FMCG stocks saw the steepest declines. Market is expected to open on a negative note and likely to witness range bound move during the day.
Global economy:
China’s services sector grew more than expected in February driven by a combination of higher domestic demand, the start-up of new projects, and promotional work, private purchasing managers index data showed on Wednesday. The Caixin services PMI came in at 51.4 in February, above expectations for a 50.8 print.
Australia’s economy grew more than expected in the Q4, aided by robust public and private spending, along with a rebound in export demand. Growth also improved amid some declines in inflation, as the effects of high interest rates were felt across the economy. Gross domestic product rose 0.6% qoq. The print was higher than expectations of 0.5% and picked up from the 0.3% seen in the prior quarter.
South Korea’s economy grew 0.1% in the final quarter of 2024 from the quarter before, revised central bank data showed on Wednesday, unchanged from the bank’s earlier estimate. GDP expanded 1.2% on an annual basis, also the same as estimated in late January.
Commodities:
Oil prices fell slightly in Asian trade on Wednesday as markets remained on edge over tariff-related headwinds and increasing global production, with focus turning to stimulus measures in top importer China.
Gold prices inched lower on Wednesday, pressured by rising U.S. Treasury yields, while investors tracked developments surrounding the possible impact of U.S. President Donald Trump's tariffs on inflation and global trade.
Currency:
The U.S. dollar drooped near a three-month low versus major peers on Wednesday after the latest round of U.S. tariffs and countermeasures from Canada and China stoked fears of an escalating trade war.
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