Global markets at a glance

Asia is down on US crash, Nikkei drops to 1-month low as
trade numbers there hurt. European equities trade in red
after a negative lead from Wall Street overnight. A pull-
back in the yen was welcomed by Japanese shares, with
the Nikkei .N225 bouncing 1.4 percent after suffering its
sharpest daily drop in five months on Tuesday. Progress
elsewhere was patchy with investors suffering whiplash
after several days of wild swings. Australia made the early
running with a bounce of 0.6 percent .AXJO, while
Seoul .KS11managed a rise of 0.2 percent.

Wall Street Update

U.S. stocks rose on Tuesday, erasing much of the previous
session's steep drop, as a strong December retail sales
reading eased concerns that economic growth might be
slowing. Google rose 2.4 percent to $1,149.40, giving a
large boost to the outperforming Nasdaq, a day after the
company announced plans to acquire Nest Labs Inc. The
$3.2 billion deal will give Google a promising line of products and a prized design team.

MACRO NEWS

Energy major Reliance Industries is looking to pick up
an 11 percent stake in Venezuela's Petrocarabobo project that was recently surrendered by Malaysia's Petro
nas, and is eyeing exploration assets in Mexico,
India's growth rate is expected to slip to 4.9 percent in
the current fiscal but will improve significantly to 5.6
percent in 2014-15, India Ratings expectation for improved growth in FY'15 is based on a partial recovery in
the industrial and services sector growth, and an uptick
in investment due to project clearances by the Cabinet
Committee on Investment (CCI),
The Reserve Bank of India (RBI) has come under a lot of
flak for its inflation-controlling measures that have im
pacted growth. But former RBI chief D Subbarao refutes
such criticism saying the central bank has always been
flexible with monetary policy and has moved away from
rigid inflation targeting methods to flexible inflation
targeting.

STOCKS IN NEWS

ITC ups Bristol cigarette price by 15% to Rs 45/pack:
Sources
VA Tech Wabag bags order worth Rs 250 crore from
Karnataka Govt
Coal India Board is meeting today for special divi
dend
Derive Investments buy 4.7 lakh shares at Rs 61/
share

COMMODITY ROUNDUP

Spot gold eased 0.1 percent to $1,243.19 an ounce
by 0011 GMT. It touched a one-month peak of $1,255 early
on Tuesday before ending the day 0.7 percent lower. U.S.
retail sales edged up in December with a core spending
gauge posting a big jump, a sign the economy gathered
steam at the end of last year and was poised for stronger
growth in 2014.The Federal Reserve should bring its bondbuying program to a swift close, according to two of its
most hawkish policymakers who take up voting power this
year, with one vowing to use his vote to support cuts to the
program even if stocks take a tumble.

CURRENCY ROUNDUP

The dollar fell to one-month lows against the yen on Mon
day and was trading close to one week lows against the
euro after Friday's U.S. nonfarm payrolls showed that the
economy added far fewer than expected jobs last month.
USD/JPY hit lows of 103.26, the weakest level since Decem-
ber 18 and was last down 0.74% to 103.39. The latest em
ployment report showed that the U.S. economy added
74,000 jobs in December, the smallest increase since Janu
ary 2011 and well below expectations for 196,000 new jobs.
The unemployment rate fell to a five year low of 6.7% from
7% in November, but this was due in part to people dropping out of the labor force.

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