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Market Review

US: U.S. stocks came under pressure as a trio of tech heavyweights slid, with traders wading through mixed economic data in the run-up to Jerome Powell’s testimony to Congress

Asia: Share indices in Asia-Pacific region declined in early trade on Wednesday, tracking overnight losses on Wall Street leady by index-heavy tech giant companies.

India: India's benchmark stock indices ended lower on Tuesday, snapping four days of gains, weighed by losses in Infosys Ltd. and Bajaj Finance Ltd. The market is expected to open on flattish note and likely to witness sideways move during the day.

Global Economy: Brazil's central bank monetary policy director said that an eventual change to its monetary easing guidance would not necessarily correlate with what the interest rate would be at the end of bank's easing cycle. In an event hosted by consultancy firm APCE, the monetary policy director, Gabriel Galipolo, said given the way that the disinflation process and the pace of rate cuts have been unfolding, an eventual change in guidance does not mean a correlation with a terminal rate

U.S. manufacturers are struggling to regain momentum as the sector tries to pull out of the prolonged but shallow downturn, with any help from lower interest rates delayed due to continuing inflation in the service sector. The desultory state of factory and freight activity has limited diesel consumption, postponed the anticipated depletion of fuel inventories, and caused refining margins to soften. The Institute for Supply Management purchasing index slipped to 47.8 in February down from 49.1 in January.

Commodities: Gold prices surged to their lifetime highs amid a higher probability of the US Federal Reserve starting to cut interest rates from June, while geopolitical concerns supported the gains Oil prices fell slightly in Asian trade on Wednesday amid persistent concerns over slowing demand this year, although steady production cuts by the OPEC+ and little de-escalation in the Israel-Hamas war heralded tighter supplies.

Currency: The U.S. dollar was largely steady on Wednesday, as traders avoided making large bets ahead of congressional testimony from Federal Reserve Chair Jerome Powell, as well as the European Central Bank rate decision and U.S. jobs data later this week.

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