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Market Review

US:

The S&P 500 fell to snap its longest streak of gains in 20 years on Monday as investors assessed U.S. President Donald Trump's latest tariff announcement ahead of the Federal Reserve's monetary policy decision later this week.

Asia:

Asian markets opened on a steady note Tuesday, posting marginal gains as trading resumed after an extended weekend.

India:

Benchmark indices ended at their highest closing level for 2025 on May 5, buoyed by recent foreign institutional inflows and an improved sentiment driven by declining crude oil prices. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

China’s services sector grew at a slower-thanexpected pace in April, as per private PMI data, as businesses grappled with increased disruptions from a bitter trade war with the United States. The Caixin China Services PMI fell to 50.7 in April from 51.9 in March, missing expectations of 51.7

Activity in the U.S. services sector grew by more than anticipated in April, in a sign of potential resilience in an industry that is a major driver of the overall economy despite potential trade-related headwinds. The Institute for Supply Management’s non-manufacturing PMI climbed slightly to 51.6 last month, up from a previous reading of 50.8. Economists had anticipated the number would fall to 50.2.

Hong Kong’s freight forwarding industry is reeling from the U.S.- China trade war with 41% of container capacity from the city to North America’s west coast cancelled for the week starting May 12, the South China Morning Post reported. Hong Kong, a global shipping hub which plays a key role in re-exporting goods, is likely to see a huge economic hit, the SCMP reported, quoting Joyce Tai, executive vice-president for worldwide partnerships at freight booking platform Freightos.

Commodities:

Oil steadied after hitting four-year lows in the previous session that was driven by an OPEC+ decision to accelerate output increases, stoking fears of oversupply at a time when U.S. tariffs have spurred concerns about demand.

Gold prices climbed to a one-week high on Tuesday as rising concerns over U.S. President Trump's tariff plans boosted safehaven demand, while investors also kept a close tab on the upcoming Federal Reserve policy meeting.

Currency:

The dollar struggled to make headway on Tuesday as an unprecedented two-day surge in its Taiwanese counterpart spilled over to other regional peers and highlighted the fragility of the U.S. currency.

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