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Market Review

US:

Stocks rallied after President Trump said over the holiday weekend that he agreed to delay tariffs of 50% on the European Union.

Asia:

Following Wall Street's biggest rally in over two weeks, Asian shares opened higher, spurred by a rebound in US consumer confidence and a global bond surge.

India:

The benchmark equity indices closed lower on Tuesday, reversing its two-day gains amid volatility in domestic markets. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global Economy:

German home prices are projected to rise 3% in 2025, driven by limited housing supply and declining int rates. However, affordability is expected to worsen due to rising prices, a weakening labor market, and volatile int rates, making it more difficult for first-time buyers. The number of new apartments built in 2024 fell by 14.4% to 251,900, far below the govt's 400,000 target, exacerbating the housing shortage. U.S. core capital goods orders fell by 1.3%, signaling weakening corporate spending amid economic uncertainty. This decline follows a modest 0.3% gain in March. The drop is attributed to fluctuating U.S. tariff policies under President Trump, which have disrupted business planning and dampened investment sentiment. Additionally, durable goods orders declined by 6.3%, with Boeing receiving only eight aircraft orders compared to 192 in March.

Commodities:

Oil prices ticked up in early trading on Wednesday as the U.S. barred Chevron from exporting crude from Venezuela under a new authorization on its assets there, raising the prospect of tighter supply. Gold prices gained on Wednesday, helped by a slight retreat in the dollar and lower U.S. bond yields as investors await a U.S. core Personal Consumption Expenditures (PCE) price index report due later this week for interest rate clues.

Currency:

The Japanese yen wobbled in volatile trading on Wednesday as ructions in the bond market kept the spotlight on the fiscal health of major economies while the U.S. dollar steadied after a strong end to the previous session due to upbeat economic data.

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