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Market Review

US:

The Dow Jones Industrial Average rose sharply on Tuesday, gaining 401 points or 0.9%, as investors rotated out of technology stocks and into health-care shares at the start of the second half of 2025.

Asia:

Most Asian indices were down after US President Donald Trump said he wouldn't delay the July 9 deadline for imposing higher levies on trading partners.

India: Indian benchmark equity indices closed with gains on Tuesday, led by share prices of Reliance Industries Ltd. and HDFC Bank Ltd. Market is expected to open on a flattish note and likely to witness a sideways move during the day.

Global Economy:

Australian retail sales barely grew for a fourth straight month in May as gains in clothing purchases were offset by a rare drop in food sales, bolstering the case for another cut in interest rates next week. Investors now see a 97% chance that the Reserve Bank of Australia will cut its cash rate of 3.85% by a quarter-point next Tuesday as economic growth has remained weak and inflation risks have faded.

The US could reach a trade deal with India that would help American companies compete in the South Asian countries and leave it facing far lower tariffs, Trump said, while casting doubt on a possible deal with Japan. Trump told reporters aboard Air Force One that he believed India was ready to lower barriers for U.S. companies, which could pave the way for an agreement staving off the 26% rate he announced on April 2, before pausing it until July 9. "Right now, India doesn’t accept anybody in. I think India is going to do that, if they do that, we’re going to have a deal for less, much less tariffs," he said.

Euro zone manufacturing activity showed further signs of recovery in June as new orders stopped falling for the first time in more than three years, suggesting a tentative stabilisation in the bloc’s struggling factory sector. The HCOB Manufacturing PMI, compiled by S&P Global, edged up to 49.5 in June from 49.4 in May, its highest level since August 2022, but remaining below the 50 mark for the 29th consecutive month.

Commodities:

Oil prices remained stable on Wednesday as investors awaited the OPEC+ meeting to decide August output. Gold prices edged lower on Wednesday as investor’s awaited U.S. payroll data and assessed Federal Reserve Chair Jerome Powell's cautious stance on rate cuts, although a weaker dollar helped limit losses for greenback-priced bullion.

Currency:

The USD hunkered near the lowest since Feb’22 against major peers on Wednesday, as traders considered dovish hints from Federal Reserve Chair Jerome Powell, along with the potential impact of President Trump's spending bill.

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