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Market Review

US:

US stocks rallied on Tuesday as investors digested fresh commentary from Fed Reserve chair Jerome Powell, who cheered the "disinflationary path" of recent economic data.

Asia:

Stocks in Asia rose as traders weighed prospects for Fed Reserve interest-rate cuts after Jerome Powell cited signals that the US is back on a disinflationary path.

India:

The Indian stock market benchmark indices ended with mild losses after hitting fresh record highs during the session. The Sensex eased 34.74 points, or 0.04%, to close at 79,441.45, while the Nifty 50 settled 18.10 points, or 0.07%, lower at 24,123.85. Market is expected to open on a gap up and likely to witness positive move during the day.

Global economy:

Chinese service sector activity grew less than expected in June, private purchasing managers index data showed on Wednesday, as local demand remained weak and growth of new business activity eased. The Caixin Services PMI rose 51.2 in June, missing expectations for a print of 53.5 and slowing from 54 seen in the prior month. While a reading above 50 still indicates expansion, the pace of growth in the indicator slowed sharply. The number of job openings in the U.S. grew by more than anticipated in May, in a potential sign of lingering robustness in the American labor market as the Federal Reserve mulls bringing interest rates down from more than two-decade highs. Job vacancies, a gauge of labor demand, rose to 8.140 million on the last business day of May, up slightly from a downwardlyrevised total of 7.919 million in April. Economists had predicted that the Job Openings and Labor Turnover Survey, or JOLTS report, would come in at 7.960 million.

Commodities:

Gold prices were flat on Wednesday as investors awaited minutes of the Federal Reserve's last policy meeting for fresh cues on when the U.S. central bank will start cutting interest rates. Oil prices edged higher in early Asian trade on Wednesday after industry data showed a bigger-than-expected draw in U.S. crude stockpiles, boosting hopes of solid fuel demand during the summer driving season in the top oil consuming nation.

Currency:

The yen remained pinned near levels last seen in 1986, keeping traders wary of Japanese intervention. The yen has dropped over 12% against the greenback this year, hurt by the wide gap between the interest rates in the U.S. and Japan.

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