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Market Review

US:

Wall Street futures took a knock from a sharp drop in Alphabet shares as earnings disappointed.

Asia:

Asian stock markets tried to steady on Wednesday amid hopes U.S. tariffs would not be as painful for the global economy as feared just a day ago.

India:

Market ended with gains of over a per cent each on Tuesday. Banking shares stole the show among sectors, with Nifty PSU and Pvt Bank indices ending higher by over 2 per cent each.Market is expected to open on a positive note and likely to witness positive move during the day.

Global economy:

China’s services activity missed expectations in Jan, PPI index data, as local business activity took only fleeting support from recent stimulus measures. The Caixin services PMI read 51 in Jan, missing expectations of 52.3. The reading also slowed from the 52.2 seen in the prior month. The softer services print was driven chiefly by slower growth in new business, as activity cooled from highs seen during the year-end holidays. While the recent Lunar New Year holiday is expected to have spurred some growth, this will only be reflected in Feb’s reading. The inventory levels of U.S. crude oil, gasoline, and distillates stocks have seen a significant increase. The actual number came in at 5.025 mn, which is a substantial rise from the forecasted figure of 3.170 mn. This surge not only surpassed the forecast but also eclipsed the previous number of 2.860 million.

Commodities:

U.S. crude prices fell by nearly 2% on Tuesday as U.S. tariffs on China took effect, though President Donald Trump paused for a month a decision on steep levies on neighbors Canada and Mexico. Gold prices touched an all-time-high on Wednesday, underpinned by safe-haven demand after China responded to U.S. tariffs, which were initially imposed by Trump on the world's largest consumer of gold.

Currency:

The dollar was on the back foot in the early Asian session, giving some respite to heavily battered currencies like the euro, which bounced back above the $1.02 level and last bought $1.0374.

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