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Market Review

US:

On Friday, the S&P 500 closed out the month of May with a more than 6% gain, its best monthly performance since November 2023. The tech-heavy Nasdaq Composite surged more than 9% for the month and the Dow Jones Industrial Average rose about 4%.

Asia:

Asian share markets made a wary start to the week on Monday as investors navigated the shifting sands of White House tariff policy, while awaiting key US jobs data and a widely expected cut in European interest rates.

India:

The Indian equity market ended in the red on Friday, as fresh U.S. tariff concerns dragged down IT and auto stocks, overshadowing optimism ahead of the domestic GDP data release later in the day. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global Economy:

U.S. inflation was benign in April, with retailers likely still selling inventory accumulated before the tariffs. The Personal Consumption Expenditures (PCE) Price Index rose 0.1% last month after being unchanged in March. Consumer spending, meanwhile, which accounts for more than two-thirds of economic activity, rose 0.2% last month after an unrevised 0.7% jump in March. South Korea’s exports fell in May for the first time in four months, as shipments to the US and China dropped on global trade conflict triggered by U.S. Trump’s sweeping tariffs. Exports from Asia’s fourth-largest economy, an early bellwether for global trade, declined 1.3% from the same month last year to $57.27 bn. "Declines in exports to both the U.S. and China, the two biggest markets, suggest U.S. tariff measures are having an impact on the global economy as well as our exports," said South Korean Industry and Trade Minister Ahn Duk-geun. The first decline since January followed rises as strong chip sales had offset downward pressure from Trump’s tariff threats.

Commodities:

Oil prices experienced a rebound, increasing by over $1 a barrel, following OPEC+'s decision to raise output by 411,000 barrels per day in July, aligning with market anticipations. Brent crude futures rose by 1.9% to $63.97 a barrel, while U.S. West Texas Intermediate crude increased by 2.14% to $62.09. 3 Gold prices climbed on Monday as U.S. President Donald Trump threatened to double tariffs on imported steel and aluminum, while a weaker dollar also supported greenback-priced bullion.

Currency:

The U.S. dollar edged lower on Monday, giving back some of its gains from last week, as markets weighed the outlook for President Donald Trump's tariff policy and its potential to constrict growth and unleash inflation.

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