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Market Review

US: The US stock market indices ended sharply lower on Tuesday as fresh economic data raised bets that the US Federal Reserve may need to keep interest rates higher for longer.

Asia: Asian shares slumped, tracking U.S. peers lower after employment data bolstered the case for the Federal Reserve to keep interest rates elevated and pushed up Treasury yields.

India: India's benchmark stock indices closed lower on Tuesday, dragged by losses in index heavyweights HDFC Bank Ltd. and Reliance Industries Ltd. Auto, oil and gas, and pharma sectors declined, while public sector banks and media advanced. Market is expected to witness selling pressure during the day. 

Global Economy: Top global automakers on Tuesday reported a rise in U.S. new vehicle sales for the third quarter, buoyed by resilient demand for latest models and improved supplies. EV sales jumped 28% in the third quarter from the preceding Overall, U.S. new vehicle sales in September were 1.33 million units, with an annual sales rate of 15.67 million units.The robust performance comes against the backdrop of the ongoing coordinated strike from the United Auto Workers (UAW) union against the Detroit Three automakers that has sparked concerns over supply disruptions in the current quarter

South Korea's factory activity shrank in September at the mildest pace in 15 months, as the decline in output and orders softened, providing hopeful signs for a turn in economic fortunes. The purchasing managers index (PMI) for South Korean manufacturers, stood at 49.9 in September on a seasonally adjusted basis, up from 48.9 in August.

Commodities: Gold prices were flat on Wednesday near sevenmonth lows hit in the previous session, as a surge in U.S. dollar and bond yields buoyed by strong jobs data meant that there was room for a further monetary policy tightening. Oil rose in early Asian trade on Wednesday, supported by tightening global crude supply ahead of a panel meeting of OPEC+ ministers.

Currency: The dollar initially rose but later fell sharply against the yen after breaching the key 150 level for first time since October 2022, leading some to suspect intervention by Japanese monetary officials to halt the yen's fall.

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