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Market Review

US:

The S&P 500 and the Nasdaq Composite both closed higher on Tuesday, after a topsy-turvy day on Wall Street dominated by investor angst ahead of the impending tariff announcements from the Trump administration.

Asia:

Asian stocks retreated as traders grappled with how to position themselves in the countdown to Trump’s sweeping tariffs announcement.

India:

Equity indices extended the fall on 2n consecutive session on the first day of FY26 (April 1) with Nifty finishing below 23,200, led by selling across the sectors barring media and telecom. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

South Korea’s consumer prices rose 2.1% in March from a year earlier, after a rise of 2.0% in February. That was also slightly higher than a median 2.0% increase forecast in a Reuter’s poll of economists. The Bank of Korea, which targets inflation at 2.0% in the medium term, lowered interest rates by 25bps at its last meeting in February to support economic growth and said there would be more cuts this year. According to the American Petroleum Institute (API) weekly report on the inventory levels of US crude oil, gasoline, and distillate stocks (an overview of US petroleum demand), there is a significant increase in crude inventories. The actual increase in crude inventories was reported to be 6.037 mn barrels. This figure not only exceeded forecasted numbers but also marked a stark contrast to the previous week’s data. Canadian manufacturing activity contracted at a steeper rate in March as a widening global trade war triggered the sharpest decline in new orders since shortly after the start of the COVID19 crisis. The S&P Global Canada Manufacturing PMI fell to 46.3 from 47.8 in Feb’25, touching its lowest level since Dec’23.

Commodities:

Oil prices steadied on Wednesday after falling in the previous session on concerns new U.S. tariffs set to be unveiled later in the day may deepen a global trade war that could limit crude demand. Gold prices advanced on Wednesday as anxious investors flocked to the safe-haven metal, bracing for announcements on U.S. reciprocal tariffs that could escalate the global trade war.

Currency:

The dollar firmed a touch and other currencies held tight ranges on Wednesday as traders anxiously awaited details of U.S. President Donald Trump's tariff plans later in the day that could set the tone for markets in the near term.

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