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Market Review

US: U.S. stocks retreated from their all-time highs as a handful of big techs fell and traders awaited a $22 billion sale of longterm Treasury securities

Asia: Most markets in Asia-Pacific region were trading lower, tacking cues from overnight losses on Wall Street as investors look forward to release of U.S. PPI data.

India: India’s benchmark equity indices ended lower on Wednesday and broader market indices continued a selloff for the third consecutive day. Market is expected to open on flattish note and likely to witness sideways move during the day.

Global Economy: Bank of Japan Governor Kazuo Ueda will likely take his time normalising ultra-loose monetary policy after ending negative interest rates, former central bank executive Hideo Hayakawa said on Thursday. In an effort to reflate growth and sustainably achieve its 2% inflation target, the BOJ currently guides short-term rates at -0.1% and caps the 10-year bond yield around zero. It also buys risky assets such as exchangetraded funds.

Britain's housing market picked up in February but property surveyors said uncertainty over the Bank of England's interest rates path could temper demand The Royal Institution of Chartered Surveyors (RICS) gauge of new buyer enquiries rose to a net balance of +6 last month, the same as a downwardly revised +6 in January, and marking the joint-strongest reading since February 2022. Its measure of house prices, while still negative, rose to its highest since October 2022 at -10% from - 18% in January

Commodities: Gold prices traded flat in early Asian trade hours on Thursday, within close range of record-high levels on a broadly weaker dollar, as traders awaited more economic data that could steer hopes for a mid-year rate cut by the U.S. Federal Reserve.

Oil prices rose slightly in Asian trade on Thursday, staying near four-month highs after a substantial draw in U.S. gasoline inventories and debilitating attacks on a key Russian fuel refinery pointed to tighter fuel supplies.

Currency: The currency market was sedate on Thursday, with the U.S. dollar consolidating against major peers as market players awaited more data out of the world's largest economy for clues on the direction of Federal Reserve policy.

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