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Market Review

US: US Markets were closed yesterday on the eve of Presidents Day celebrations.

Asia: Asian shares were pinned below 1-1/2 month highs on Tuesday as even a larger-than-expected interest rate cut in China failed to excite investors jaded at the lack of bigger stimulus measures

India: India's benchmark stock indices ended higher for the fifth straight session on Monday, with the NSE Nifty 50 hitting a fresh all-time high during the day.Market is expected to open on flattish note and likely to witness sideways move during the day

Global Economy: The People’s Bank of China cut its five-year benchmark loan prime rate by a bigger-than-expected margin on Tuesday, loosening monetary conditions further in a bid to support a slowing economic recovery in the country. The PBOC cut its five-year LPR, which is used to determine mortgage rates, to 3.95% from 4.20%. Analysts had expected a cut of 10 basis points to 4.10%.

Commodities: Gold prices edged down in early Asian hours on Tuesday, pressured by a slightly stronger dollar and elevated treasury yields, while traders also awaited for further cues from the minutes of the U.S. Federal Reserve's last meeting.. Oil prices were little changed in early Asian trading on Tuesday, hovering close to three-week highs on heightened Middle East tensions and recovering China demand. Brent futures ticked down 8 cents to $83.48 a barrel.

Currency: EUR/USD drifted back into median prices in thin Monday trading as the pair remains hampered below 1.0800. Markets opened on a quiet note with US markets dark for the US federal holiday.

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