Market is expected to open on a gap up note and likely to witness positive move during the day - Nirmal Bang Ltd
Market Review
US:
Stocks broke a two-week winning streak Friday as investors grew more tentative about upcoming trade talks with China despite talk by President Donald Trump of lower tariffs.
Asia:
Asia-Pacific markets rose Monday over optimism that U.S.- China trade tensions could de-escalate following the superpowers’ talks in Switzerland over the weekend.
India:
India's benchmark equity indices snapped a three-week gaining streak on Friday, extending their decline for the second day amid rising tensions between India and Pakistan. Market is expected to open on a gap up note and likely to witness positive move during the day.
Global economy:
President Trump announced that he would sign an executive order to slash U.S. prescription drug prices by aligning them with the lowest prices paid globally. Posting on Truth Social, Trump criticized pharmaceutical companies for decades of inflated pricing. He said the U.S. has long paid far more for prescription medicines than peer countries, with some treatments costing five to ten times more despite being manufactured by the same companies in the same facilities. Prescription Drug and Pharmaceutical prices will be REDUCED, almost immediately, by 30% to 80%.
U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer said they reached a deal with China to cut the U.S. trade deficit, describing substantial progress in high-stakes talks with Chinese officials but offering no details as two days of negotiations concluded in Geneva. A de-escalation was inevitable and I think it’s clear there won’t be much durable that comes out of these talks. Perhaps a lowering of tariffs and a purchase agreement for some agriculture products, just like the phase one deal. But nothing that will dramatically open up Chinese markets for U.S. products or change the nature of the trading relationship.
Commodities:
Oil prices rose on Monday after both sides in U.S.-China trade talks over the weekend touted their progress, which lifted market sentiment.
Gold prices slipped on Monday as U.S.-China trade talks ended on a positive note, easing investor anxiety and denting demand for the safe-haven asset.
Currency:
The dollar climbed in early Asian trade on Monday after weekend talks between the United States and China eased concerns of a trade war between the world's two biggest economies while global hot spots appeared to cool.
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