IGI Logo

Market Review

US:

US stocks advanced on Wednesday and Treasury yields reversed their three-day slide after word of a trade deal between the United States and Japan, while a report of a similar deal with the European Union provided welcome signs of progress in Trump's multi-front tariff negotiations.

Asia:

Asian equities rallied for a sixth consecutive session, driven by optimism over potential US trade agreements with Japan and the European Union.

India:

Benchmark equity indices ended on a strong note, with Nifty 50 closing above 25,200 on buying across sectors and positive global sentiment after the US-Japan trade deal, along with heavyweights ICICI Bank and HDFC Bank's shares hitting record highs. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

Japan’s manufacturing activity fell back into contraction territory in July, while the services sector showed modest improvement from the previous month. The au Jibun manufacturing PMI rose 48.8 in the first three weeks of July, less than expectations of 50.2 and fell from the 50.1 seen in June.

High-level talks between South Korea and the United States were canceled due to scheduling conflicts for U.S. Treasury Secretary Scott Bessent. The two sides will reschedule the meeting as soon as possible, the ministry said, as Seoul races to secure a trade deal that will prevent the imposition of steep U.S. trade tariffs from August 1.

The European Union and Japan plan to enhance their collaboration to counter economic coercion and address unfair trade practices, according to European Commission. The statement came following an EU-Japan summit with Japanese Prime Minister Shigeru Ishiba. The timing is significant as the EU faces challenges in finalizing a trade agreement with the United States and ahead of potentially difficult meetings with Chinese leaders scheduled for Thursday.

Commodities:

Oil prices rose on Thursday, buoyed by optimism over U.S. trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in U.S. crude inventories.

Gold prices held steady on Thursday after a sharp drop in the previous session, as easing trade tensions dented demand for safe-haven assets, overshadowing support from a weaker dollar.

Currency:

The euro crept toward its highest level in nearly four years on Thursday while the yen held to gains following more progress on trade deals between the United States and its largest trading partners, which in turn lifted the broader market mood.

Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
SEBI Registration number is INH00000176