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Market Review

US:

US stocks closed higher on Tuesday, with all three major indices hitting record highs despite signs of a slowing economy.

Asia:

Asian stocks climbed on Wednesday, led by South Korea and Hong Kong tracking Wall Street’s record close, while Japanese shares hovered near historic highs amid political unrest following Prime Minister Shigeru Ishiba’s resignation.

India:

The benchmark equity indices ended higher on Tuesday, led by the share price of Infosys Ltd. Both the indices closed 0.39% higher. Market is expected to open on a positive note and likely to witness positive move during the day.

Global economy:

U.S. President Trump has urged European Union officials to levy tariffs of up to 100% on China and India as part of a strategy to pressure Russian President Vladimir Putin, citing a U.S. official and an EU diplomat. Trump made the request during a conference call with EU sanctions envoy David O’Sullivan and other officials, Washington signaled it would impose similar duties if Brussels joined the effort, Both China and India are major buyers of Russian crude and remain key to keeping Moscow’s economy afloat as the war in Ukraine drags on. The EU has so far favored sanctions over tariffs in its approach to Russia.

China’s producer deflation eased in August, suggesting Beijing’s efforts to rein in excessive competition and price cuts in key industrial sectors were starting to bear fruit, though analysts say manufacturers remain some way off from a reflationary cycle. The producer price index dropped 2.9% YoY in August, narrowing from a 3.6% decline the previous month. Economists polled by Reuters had projected a 2.9% fall. Effects of antiinvolution that started in June-July are starting to be felt.

Commodities:

Oil prices rose on Wednesday after Israel attacked Hamas leadership in Qatar and U.S. President Donald Trump asked Europe to impose tariffs on buyers of Russian oil, but a weak market outlook capped gains

Gold prices were flat on Wednesday, as investors awaited key inflation reports due later this week, while expectations of a U.S. interest rate cut this month helped keep bullion above the critical $3,600-per-ounce level.

Currency:

The U.S. dollar was steady on Wednesday, holding onto overnight gains as traders braced for crucial inflation reports this week that could help define the size and scope of interest rate cuts from the Federal Reserve for next week and beyond.

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