Market Bizzz

Energy and materials sectors were among the few winners in the session as commodity prices gained after data showed China’s manufacturing activity expanded at the fastest pace in more than a decade as the country continues to leave its COVID-19 restrictions behind.

Marathon canceled the release of fourth-quarter results Tuesday after saying there had been “accounting errors” in several quarters of its financial statements. The US Securities and Exchange Commission raised questions about how the miner recognized the impairment of digital assets and revenue.

The resilience of the world’s largest economy, underpinned by a slew of strong economic data released in recent weeks, have raised market expectations of a higher peak in U.S. interest rates, as the Federal Reserve battles to tame inflation.

Surprisingly strong inflation data lifted euro zone bond yields to their highest in more than a decade on Tuesday, and pushed expectations for the peak in the European Central Bank’s main interest rate to almost 4%. High interest rates dampen gold’s appeal as an inflation hedge while raising the opportunity cost of holding the non-yielding asset.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.25% higher but was set to end the month down about 6%. Japan’s Nikkei rose 0.44%, while Australia’s S&P/ASX 200 index gained 0.51%.

The IPO includes a fresh issue of ₹180 crore and an offer for the sale of up to 3.93 million equity shares. The company intends to meet capital expenditure requirements for the purchase of equipment and machinery from the net proceeds of the fresh issue.