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Market Review

US:

US stocks reached record highs on Tuesday, despite Donald Trump's recent comments about tariffs causing only minor reactions on Wall Street.

Asia:

Stocks in Asia traded within a narrow range after Donald Trump’s tariff plan caused turbulence in emerging markets during the previous session.

India:

Benchmark equity indices ended their two-day winning streak, closing Tuesday's session in negative territory. Market is expected to open on a positive note and likely to witness range bound move during the day

Global economy:

Australian consumer price index inflation grew less than expected in October as government subsidies helped lower energy expenses, although core inflation rose further above the Reserve Bank’s target range. CPI inflation grew 2.1% year-on-year in October, data from the Australian Bureau of Statistics showed on Wednesday. The reading was weaker than expectations of 2.5% and remained steady from the prior month. Underlying inflation, as represented by annual trimmed mean inflation, rose 3.5% in October from 3.2% in the prior month, remaining well above the RBA’s 2% to 3% annual target range.

The American Petroleum Institute recently reported a surprising decrease in the weekly crude stock, indicating a surge in the US petroleum demand. The actual figure came in at a decrease of 5.935 million barrels, a significant deviation from the forecasted increase of 0.250 million barrels. The forecast had predicted a modest increase in crude inventories, suggesting a relatively stable demand for petroleum. However, the actual data shows a sharp decline, implying a much stronger demand than initially anticipated.

Commodities:

Oil prices steadied in early trade on Wednesday, with markets assessing the potential impact of a ceasefire deal between Israel and Hezbollah, and ahead of Sunday's OPEC+ meeting.

Gold was little changed on Wednesday, as investors awaited U.S. inflation data for clues on the scale of a possible Federal Reserve rate cut next month.

Currency:

The U.S. dollar steadied against major peers on Wednesday as investors continued to take stock of Presidentelect Donald Trump's tariff pledges, while keeping an eye on a key inflation figure out of the U.S. later in the day.

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