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Market Review

US:

US stocks extended their climb to fresh highs as Wall Street awaited a roll out of financial results from some of the so-called Magnificent Seven technology companies this week and the Federal Reserve commenced its two-day meeting.

Asia:

Asian stocks opened higher, buoyed by Wall Street optimism that artificial intelligence will keep fueling profits at major technology firms and growing bets of a Federal Reserve interest-rate cut, reports Bloomberg.

India:

Indian equity indices ended lower in the volatile session with Nifty below 25,950 on October 28. At close, the Sensex was down 150.68 points and the Nifty was down 29.85 points.The market is expected to open on a positive note and likely to witness positive move during the day

Global economy:

The U.S. Charge d’Affaires in Brazil, Gabriel Escobar, held meetings with mining executives during an industry event to discuss rare earths, three sources familiar with the matter said. The meetings were held on the sidelines of an event in Salvador, in the northeastern state of Bahia, according to the sources, who spoke on condition of anonymity.

U.S. Treasury Secretary Scott Bessent urged Japan’s government to give the central bank scope to raise interest rates, escalating his warning to Tokyo against keeping the yen too weak through prolonged low borrowing costs. The dollar fell 0.3% to 151.59 yen after the comments, which revived market expectations of a near-term interest rate hike by the Bank of Japan.

Senate Democratic leader Chuck Schumer said the 28-day U.S. government shutdown stretch into November, when millions face soaring health insurance costs from expiring Affordable Care Act tax credits raising pressure on lawmakers to resolve the impasse as enrollment begins.

Commodities:

Oil prices edged up on Wednesday morning after three straight days of declines, with market sources citing a decline in U.S. crude inventories, while investor concerns about Russia sanctions and a potential OPEC+ output increase capped gains.

Gold prices edged higher on Wednesday as bargain hunters stepped in after bullion dropped to a three-week low in the previous session, with investors now awaiting the Federal Reserve's rate decision later in the day

Currency:

The U.S. dollar hovered close to a one-week low versus major peers on Wednesday ahead of a widely expected interest rate cut from the Federal Reserve later in the day.

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