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Market Review

US:

The S&P 500 posted narrow gains Wednesday in a bout of volatile trading after data showed that the U.S. economy contracted in the first quarter and investors’ recession fears ramped up.

Asia:

Asian stocks declined for the first time in five sessions on Thursday as the rally on Wall Street show a muted close amid US-China trade talks showing signs of exhaustion. India: The benchmark equity indices ended the day with gains on Wednesday's trading session. The NSE Nifty 50 ended 0.36% higher at 24,666.90 and Sensex closed 0.22% up at 81,330.56. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

South Korea’s deputy finance minister Choi Jiyoung met with Assistant Secretary for International Finance at the U.S. Treasury, Robert Kaproth, to discuss the dollar/won market on May 5, a South Korean government official said on Wednesday. The two met on the sidelines of the 58th ADB Annual Meeting in Milan, Italy, after Seoul and Washington said in April they would try to come up with a trade package aimed at removing U.S. tariffs before a pause on reciprocal tariffs is lifted in July. Republicans in the U.S. Congress advanced major elements of President Donald Trump’s budget package on Wednesday, as key committees approved tax cuts that would add trillions of dollars to the U.S. debt, while cutting spending on healthcare for the poor and disabled. With Democrats boycotting this top priority of Trump’s, Republicans relied on their majorities in the tax-writing House of Representatives Ways and Means Committee and the Energy and Commerce panel overseeing Medicaid and other healthcare programs to advance the controversial package of bills.

Commodities:

Oil prices lost nearly $1 in early trade on Thursday on expectations of a potential U.S.-Iran nuclear deal, while an unexpected build in U.S. crude oil inventories last week heightened investor concerns about oversupply. Gold prices edged higher on Thursday as investors took advantage of lower levels after the metal hit a one-month low in the previous session, while market participants now await U.S. Producer Price Index data for clearer economic direction.

Currency:

The dollar wobbled on Thursday in a turbulent week that saw investor relief at the U.S.-China tariff truce give way to a cautious mood amid uncertainty over the shape of various trade deals, while the South Korean won steadied after sharp moves.

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