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Market Review

US:

US stocks rose on Wednesday as Nvidia shares jumped to a fresh all-time high, with the AI chip maker becoming the first company to ever cross a $4 tn market cap.

Asia:

Asia-Pacific markets opened mixed on Thursday as traders assessed the Bank of Korea’s decision to keep rates steady, as well as U.S. President Donald Trump’s announcement to slap a 50% tariff on Brazilian imports beginning Aug 1.

India:

Indian benchmark indices ended lower on Wednesday, weighed down by losses in IT, oil & gas sectors, and a drop in Reliance Industries. Caution prevailed amid ongoing uncertainty around U.S. tariff moves and a potential U.S.-India trade deal. Market is expected to open on a flattish note and likely to witness a range bound move during the day.

Global Economy:

Japan’s annual wholesale inflation slowed in June for the third successive month, data from the Bank of Japan showed on Thursday, backing up the central bank’s view that price pressure from rising raw material costs will gradually dissipate.While food prices continued to rise steadily, some analysts said they expect inflationary pressure to moderate in coming months as pain from U.S. tariffs on Japan’s economy intensifies.

A downturn in Britain’s housing market that followed a tax hike on property transactions in April eased off in June, according to chartered surveyors who expect a broadly flat picture in the months ahead. The Royal Institution of Chartered Surveyors said on Thursday its measure of new buyer enquiries turned positive for first time since December and agreed sales also improved. But the change suggested a stable market rather than an upturn.

Commodities:

Oil prices saw a dip on Thursday. This happened because of new tariffs announced by U.S. President Donald Trump. Market watchers think these tariffs could slow down global economic growth. They also worry about demand for oil. Trump also threatened Brazil with tariffs.

Gold prices edged higher on Thursday, helped by a slight retreat in the dollar and bond yields, while investors kept a close tab on trade negotiations as U.S. President Donald Trump broadened his tariff war.

Currency:

The U.S. dollar slipped further from a two-week high versus major peers on Thursday, as President Donald Trump's latest tariff salvos failed to shake markets, except in Brazil where a threatened 50% levy sent the real sliding as much as 2.8% overnight.

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