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Market Review

US: U.S. stocks wobbled Friday to close out the week with slight declines as investors weighed quarterly reports from banks and mixed economic data.

Asia: Asian shares started cautiously on Monday in a week packed with economic data and central bank meetings, along with earnings from the tech giants that have kept the S&P 500 afloat so far this year.

India: The key benchmark indices consolidated in a narrow range in trades on Friday, while stock-and-sector specific activity dominated the proceedings. Among the frontline stocks, ITC and TCS logged strong gains even as auto, metal and realty stocks slid amid selling pressure. Market is expected to open gap up and likely to witness positive move during the day.

Global Economy: Deposits at all U.S. commercial banks dropped in the second week of April, though at smaller banks deposits held steady in a sign of stabilization in the financial institutions hardest hit by deposit outflows after last month's failure of two large regional banks. Deposits at all commercial banks fell to $17.38 trillion in the week ended April 12, on a non-seasonally adjusted basis, from $17.43 trillion a week earlier. The drop was almost entirely at the top 25 banks. U.S. and Euro zone business activity gathered pace in April, despite central bankers signaling they are nearing the peak of their interest rate hiking cycles designed to cool demand enough among consumers to bring high inflation down. U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to 53.5 this month. That was the highest level since last May and followed a final reading of 52.3 in March.

Commodities: Gold prices inched up after recent losses on Monday, remaining under pressure as fears of a looming interest rate hike by the Federal Reserve dented appetite for the yellow metal, as did a recent spike in Treasury yields. Oil prices slipped on Monday as concerns about rising interest rates, the global economy and the outlook for fuel demand outweighed support from the prospect of tighter supplies on OPEC+ supply cuts.

Currency: The dollar began the last trading week of the month on the back foot, with traders awaiting a slew of central bank meetings in May for clues on when the steepest global monetary policy tightening campaign in years might come to a halt.

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