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Market Review

US:

Wall Street stocks ended sharply lower on Wednesday, dragged down by losses in Nvidia and Tesla as investors awaited information about long-promised U.S. tariffs on automotive imports.

Asia:

Asia-Pacific markets fell Thursday, tracking losses on Wall Street as investors weighed U.S. President Donald Trump’s 25% tariffs on auto imports.

India:

The Indian benchmarks--Nifty 50 and Sensex drowned in a sea of red on March 26, halting a seven-day winning streak amid broad based selling across the market. Concerns over the imposition of Trump's tariffs from April 2, weakness in the Indian rupee and a rise in oil prices were some factors that sparked profit booking in the market. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global Economy:

Trump signed a proclamation to implement a 25% tariff on auto imports, expanding a trade war designed to bring more manufacturing jobs to the US and setting the stage for an even broader push on levies next week. “What we’re going to be doing is a 25% tariff on all cars that are not made in the United States. We’re going to charge countries for doing business in our country and taking our jobs, taking our wealth, taking a lot of things that they’ve been taking over the years,” Trump said.

China’s industrial profits slipped in the first two months of 2025, signalling a challenging period ahead for businesses as they navigate persistent deflationary forces and an escalating trade war with the United States. The economy got off to an uneven start this year, as retail sales growth accelerated while consumer and producer prices contracted and exports remained sluggish, maintaining pressure on policymakers to ramp up stimulus. Industrial profits fell 0.3% in the Jan-Feb period from the same period last year. This compared with an 11% increase in earnings in December.

Commodities:

Oil prices nudged higher on concerns about tighter global supply after the U.S. tariff threat on Venezuelan oil buyers, while market players also grappled with the impact of Trump's latest announcement on auto-sector tariffs. Gold gained on Thursday as concerns grew over U.S. President Donald Trump's plans to impose reciprocal tariffs next week, following a 25% tariff pressed on imported cars and light trucks that ratcheted up a global trade.

Currency:

The euro weakened to a three-week low and the yen was steady against the dollar after U.S. President Donald Trump slapped a 25% tariff on imported cars and light trucks starting next week as the looming all-out trade war dims risk sentiment.

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