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Market Review

US:

All three major stock indexes closed higher on Wednesday, rebounding from declines earlier in the session as investors brushed off disappointing Alphabet earnings and weighed the prospect of future interest rate cuts from the U.S. Federal Reserve.

Asia:

Asian markets are trading higher Thursday, tracking gains on Wall Street as investors shrug off a week of trade turmoil and a slew of disappointing U.S. tech earnings.

India:

Indian markets closed lower on Wednesday, dragged down by losses in consumer stocks amid weak earnings. Investor sentiment remained cautious ahead of the Reserve Bank of India's key bi-monthly policy announcement scheduled for February 7. Market is expected to open on a positive note and likely to witness range bound move during the day.

Global economy:

The U.S. trade deficit widened sharply in December as imports surged to a record high against the backdrop of tariff threats, which might have prompted businesses to rush purchases of foreign-made goods like finished metals and computers. The United States experienced significant deficits with several trade partners, including China, Mexico and Canada, which have been targeted by President Donald Trump's administration for broad or additional tariffs. Canada's services economy deteriorated for the second straight month in January as uncertainty generated by the threat of U.S. trade tariffs offset lower borrowing costs. The headline Business Activity Index rose to 49.0 from 48.2 in December but remained below the 50.0 no-change mark. Italy's growth this year and next will be weaker than the government's official targets, the country's budget watchdog said on Wednesday, casting a shadow over prospects for the euro zone's third largest economy. On Wednesday, Indonesia reported an economic growth of 5.03% for the year 2024, mirroring the growth rate from 2023 and meeting market predictions. Despite this consistency, the growth rate is the slowest the country has seen in the past three years. This performance has sparked expectations of potential additional stimulus measures to boost the economy.

Commodities:

Oil prices ticked up in early Asian trading on Thursday, steadying from a sell-off the previous day after Saudi Arabia's state oil company sharply raised March oil prices. Gold prices inched higher on Thursday to hover near an all-time high hit in the last session, as Sino-U.S. tariff war concerns boosted safe-haven demand, while investors awaited the payrolls data for clues about the health of the world's largest economy.

Currency:

The U.S. dollar slumped to an eight-week trough to the yen and lingered near a one-month low versus sterling on Thursday, as investor nerves about an inflation-stoking global trade war abated.

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