With markets overwhelmingly anticipating a quarter point rate cut in the Fed's final review for 2024 due on Wednesday, market sentiment remains firmly tethered to the potential monetary policy outlook for 2025. Even as markets reconciled to the prospect of a slower Fed rate cut path in 2025, spotlight is on the Fed's quarterly economic projections on Wednesday.

Wall Street Futures are trading in the green zone. European benchmarks are trading on a negative note amidst lackluster PMI updates. Asian benchmarks also closed with deep losses amidst disappointing economic data from China.

The Dollar Index edged down. Bond yields mostly eased. Crude oil prices slumped amidst concerns over demand from China. Overwhelming expectations of a Fed rate cut lifting gold prices. Cryptocurrencies rallied while Bitcoin scaled a fresh peak on expectations of a strategic reserve.

Here is a snapshot of the major world markets at this hour.

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