Globally, Oil prices steadied in early Asian trade on Tuesday after falling by more than 2% in the previous session on the threat of further interest rate hikes and continued Russian crude flows.The market also turned its attention to a planned virtual meeting on Feb. 1 at 1100 GMT of the ministers of the Organization of the Petroleum Exporting Countries (OPEC) and others including Russia, a group known as OPEC+.The International Monetary Fund on Monday raised its output growth estimate on emerging markets for this year, with projections now showing the economic slowdown in the region may have bottomed out in 2022, on the back of China reopening, a resilient India and unexpected growth in Russia. Asian shares traded cautiously and bonds nursed small losses on Tuesday as investors braced for an eventful week that includes central bank meetings, a slew of earnings reports and key U.S. economic data.Major U.S. stock indexes sank on Monday, weighed down by declines in technology and other mega cap shares.U.S. Treasury yields rose, providing another pressure point for tech shares that have otherwise rebounded to start the year after a rough 2022.Despite Monday's declines, the S&P 500 remained on track to post its biggest January gain since 2019.Gold prices retreated on Tuesday, coming under pressure from a stronger dollar as caution kicked in ahead of a Federal Reserve meeting this week, while broader metal markets also ticked lower. Spot gold fell 0.1% to $1,922.10 an ounce.The dollar recovered against a basket of currencies this week, also putting some pressure on metal markets. Rupee remain moderate volatile but gain after falling during previous session.
With Inputs from Reuters