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Market Review

US: US stocks ended sharply higher on Friday and the S&P 500 registered an all-time closing high as strong earnings and a blowout January employment report boosted confidence in the economy, even while lowering the likelihood that the Federal Reserve will cut interest rates any time soon.

Asia: Asian shares fell on Monday and the dollar climbed after a robust U.S. jobs report dashed any expectations of a near-term interest rate cut from the Federal Reserve, while stocks in China stocks remained on the back foot on weak sentiment.

India: India's benchmark Nifty 50 index hit an all-time high for the fifth time this year on Friday, led by gains in Reliance Industries and IT stocks, and as the government's fiscal prudence in its budget also boosted sentiment. Market is expected to open on flattish note and likely to witness sideways move during the day.

Global Economy: The U.S. economy added far more jobs than expected in January, pointing to lingering strength in the labor market that could bolster the case for the Federal Reserve to delay cutting interest rates. Nonfarm payrolls in the world's largest economy rose by 353,000 last month, increasing from an upwardly revised total of 333,000 in December, according to data from the Bureau of Labor Statistics.

Australia clocked a bigger-than-expected trade surplus in December as improved offshore demand for fuels and metals helped push up exports, while increased consumer spending during the year-end holidays supported imports. The country’s trade balance showed a surplus of A$10.96 billion in December, data from the Australian Bureau of Statistics showed on Monday. The reading was slightly above expectations for a surplus of A$10.51 billion, but retreated from the A$11.44 billion seen in November

Commodities: Gold price holds positive ground during the early Asian session on Monday. The upbeat US jobs report dampened hopes for a March rate cut, which weighs on the yellow metal. Oil prices rose slightly in Asian trade on Monday and were nursing steep losses from the prior week amid waning hopes of early interest rate cuts in the U.S., while focus remained on any talk of a ceasefire in the Israel-Hamas war.

Currency: Dollar rose to an eight-week high against its major peers on Monday as traders clawed back bets for aggressive rate cuts by the Federal Reserve this year in view of a stillresilient US economy.

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