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Market Review

US:

Stocks slid on Thursday as struggles in the broader market overshadowed blockbuster results from megacap tech giants Microsoft and Meta Platforms.

Asia:

Asian stocks fell for a sixth straight session the longest losing streak this year as President Trump announced new tariff rates and as solid earnings from megacap tech firms failed to lift broader market sentiment.

India:

Indian stock markets snapped a four-month rally to end July in losses as simmering trade tensions with the US triggered a risk-off sentiment and caused a flight of foreign capital. Market is expected to open on a gap down note and likely to witness range bound move during the day.

Global economy:

Trump slapped steep tariffs on exports from dozens of trading partners including Canada, Brazil, India and Taiwan, pressing ahead with his plans to reorder the global economy ahead of a Friday trade deal deadline. Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland. The order listed higher import duty rates of 10% to 41% starting in seven days for 69 trading partners. Some of them had reached tariff-reducing deals; others had no opportunity to negotiate with his administration. Trump included an exception for some goods shipped within the coming week.

South Korea’s exports rose for the second straight month in July, beating market expectations on strong chip demand and shipments being moved forward ahead of higher U.S. tariffs, which are expected to weigh in the second half of the year. Exports from Asia’s fourth-largest economy, an early bellwether for global trade, rose 5.9% from the same month last year to $60.82 bn, higher than the 4.3% increase in June and the strongest since December 2024.

Commodities:

Oil prices were little changed on Friday after falling more than 1% in the previous session as traders digested the impact of new higher U.S. tariffs that may curtail economic activity and lower global fuel demand growth.

Gold prices were flat on Friday and is set to log a weekly fall as the dollar crept higher after Trump slapped new tariff rates on dozens of countries, while investors awaited U.S. non-farm payrolls data due later in the day.

Currency:

The dollar headed for its best week in almost three years against its major peers, maintaining momentum on Friday after Trump set new tariff rates on dozens of trade partners.

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