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Market Review

US:

The S&P 500 fell for the first time in seven trading sessions as investors shifted their focus from trade deals to economic data and corporate earnings.

Asia:

Asian equities struggled for direction ahead of the Fed's policy decision, while a modest progress in US-China trade talks did little to boost sentiment

India:

India's benchmark equity indices snapped a three-session decline to close higher on Tuesday as investors bought into large-cap heavyweights Reliance Industries Ltd. and HDFC Bank Ltd. Realty and pharmaceutical stocks also surged. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

U.S. Treasury Secretary Scott Bessent announced that President Trump holds the ultimate decision on extending the trade truce between China and the United States. While a 90-day extension is under consideration, trade negotiators from both nations, including U.S. Trade Representative Jamieson Greer, anticipate reconvening in approximately three months.

Amidst trade negotiations, President Trump hinted at potential tariffs on India, despite acknowledging their friendly relations and ongoing trade discussions. He claimed India imposed higher tariffs than other nations, asserting his intention to address this.

Australian CPI inflation cooled more than expected in the Q2 of 2025, lending more credence to expectations that the Reserve Bank will cut interest rates further. CPI inflation rose 0.7% q-o-q in Q2, less than expectations of 0.8%. CPI rose 2.1% y-o-y in Q2, in line with expectations but lower than the 2.4% of Q1.

Commodities:

Oil prices ticked up in early trading on Wednesday after rising more than 3% in the previous session as potential supply shortages came into focus after U.S. President Donald Trump gave Moscow an abbreviated deadline toward ending the war in Ukraine

Gold prices steadied on Wednesday as investors held back on making big bets ahead of the Federal Reserve's policy statement later in the day for cues into future rate cuts, while focus remained on U.S. trade talks ahead of the August 1 deadline.

Currency:

The Japanese Yen (JPY) edges higher against the retreating US Dollar (USD) during the Asian session on Wednesday and moves away from a one-week low touched the previous day.

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