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Market Review

US: Big tech dragged the U.S. stock market away from its alltime highs, with Wall Street awaiting Nvidia Corp.’s earnings Wednesday for confirmation it can meet the sky-high expectations set by the artificial intelligence boom.

Asia: Stocks in Asia fell Wednesday, after traders weighed big tech prospects ahead of Nvidia Corp.’s hotly anticipated earnings that dragged Wall Street away from its all-time highs.

India: India's benchmark indices ended higher for sixth consecutive session, with the NSE Nifty 50 index rising to fresh life high for second day, tracking gains in shares of HDFC Bank Ltd., and Axis Bank Ltd. The market is expected to open on a flattish note and likely to witness range bound move during the day.

Global Economy: New car sales in the European Union rose 12.1% year-on-year in January, helped by double-digit growth in Germany and Italy, with registrations of fully electric cars growing in annual terms but slumping from December. Total registrations at Europe's two largest carmakers Volkswagen and Stellantis rose by 11.5% and 15% respectively in January, but were down 2.9% at Renault.

Japan's exports rose more than expected in January, driven by U.S.-bound shipments of autos and car parts and Chinese demand for chip-making equipment, although the worsening factory sector mood added to concerns about broader economic weakness. Ministry of Finance data out on Wednesday showed Japan's exports rose 11.9% in January from the same month a year ago vs expectation of 9.5%

Commodities: Gold prices held steady on Wednesday, helped by a slightly weaker dollar as investors looked forward to minutes of the last U.S. Federal Reserve policy meeting due later in the day for more clarity on its interest rate path. Oil prices moved little in Asian trade on Wednesday as markets continued to fret over a weaker outlook for demand, while fears of supply disruptions from a sustained conflict in the Middle East remained in play.

Currency: The dollar fell broadly on Wednesday as it tracked a global decline in bond yields, while sterling struggled to retain gains following dovish comments from Bank of England (BoE) Governor Andrew Bailey on the central bank's rate outlook

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