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Market Review

US:

Wall Street seesawed between marginal gains and losses on Thursday, as investors grappled with President Donald Trump's latest trade gambit that sent auto stocks into a tailspin, all while digesting a myriad of economic data.

Asia:

Asian shares fell Friday, mirroring US equities, as concerns about the upcoming ‘reciprocal tariffs’ and a widening trade war overshadowed data showing that the US economy grew faster than estimated.

India:

Indian benchmark indices ended nearly half a percent higher each on March derivatives series expiry day. Bulls dominated the trading session, erasing early weakness over US automotive tariffs, with Nifty 50 index ending near 23,600 on across-the-board buying, barring auto and pharma names.

Market is expected to open on a flattish note and likely to witness range bound move during the day..

Global Economy:

U.S. corporate profits surged to a record high in the Q4 amid strong demand and pricing power, but an uncertain economic outlook due to tariffs is creating a challenging environment for businesses that economists say could force companies to lay off workers to protect margins. The report from the Commerce Department also showed the economy grew at a slightly more solid clip last quarter than previously estimated, driven by preemptive buying of big-ticket items like motor vehicles ahead of import duties. Weekly Natural Gas Storage report from Energy Information Administration, showing a match with the forecasted change in the amount of natural gas held in underground storage. The actual number came in at 37 billion cubic feet (Bcf), in line with the predicted figures. The data suggests that the demand for natural gas has been accurately predicted by market analysts, and there was no unexpected surge or decline in demand. Italy is concerned but not "terrified" of any new tariffs the United States could impose on wine, the country’s agriculture minister said on Thursday, adding he hoped diplomatic efforts could avert damage to a key industry. Trump has threatened to impose a 200% tariff on wine, cognac and other alcohol imports from Europe, that has raised recession fears.

Commodities:

Oil prices were little changed in Asian trading on Friday as investors braced for U.S. reciprocal tariffs starting next week, though they remained near a one-month high and headed for a third consecutive weekly gain amid concerns of a tightening supply. Gold rose to a record as concerns about a widening trade war remained front of mind for investors, after President Donald Trump pushed ahead with US tariffs on all auto imports.

Currency:

The dollar was headed for a steady week on Friday and a quarterly loss next week as concern about tariffs slowing U.S. growth has pushed down U.S. yields, stocks and the currency.

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