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Market Review

US: Wall Street stocks closed lower on Monday, backing away from record highs, while US Treasury yields ticked higher as investors looked ahead to key jobs data and Federal Reserve Chair Jerome Powell's congressional testimony later in the week.

Asia: Asian markets declined in the early trade after China set an ambitious growth target of 5% in 2024, raising expectations for officials to unleash more stimulus as they try to lift confidence in a slowing economy.

India: India's benchmark indices ended at a fresh record closing high for the third day in a row on Monday, led by index heavyweights Reliance Industries Ltd., ICICI Bank Ltd. and NTPC Ltd.

The market is expected to open on flattish note and likely to witness sideways move during the day.

Global Economy: Philippine annual inflation sped up for the first time in five months in February because of faster increases in food and transport costs, likely giving the central bank little reason to consider lowering interest rates.The consumer price index (CPI) rose 3.4% in February from a year earlier, the statistics agency said on Tuesday, which was above the previous month's 2.8% and the market forecast of 3.1%, but still within the central bank's 2% to 4% target for the year. Consumer price index inflation in Japan’s capital rebounded from 22-month lows in February, increasing the prospect of sticky inflation in the country and putting any potential rate hikes from the Bank of Japan squarely in focus.Tokyo core CPI, which excludes volatile fresh food prices, grew 2.5% year-onyear in February. The reading was in line with expectations and rebounded sharply from the 1.6% seen in January, which was its weakest reading in 22 months.

Commodities: Gold steadied in Asia after surging to near a record high in the previous session on indications the Federal Reserve is moving closer to cutting interest rates. Oil prices fell for a second day on Tuesday as pledges by China, the world's biggest crude importer, to transform its economy amid stuttering growth since the COVID pandemic failed to impress investors concerned about slower consumption.

Currency: The dollar held steady on the yuan on Tuesday as markets digested a welter of policy statements out of China, while a rebound in Tokyo inflation seemed to take Japan a step closer to the end of negative interest rates.

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