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Market Review

US:

US equities closed at a new all-time high on Thursday as investors parsed a slew of tariff headlines and looked ahead to corporate results that are due to start next week.

Asia:

Asian equities were mixed as the dollar strengthened after President Trump ratcheted up trade tensions yet again by floating a higher blanket tariffs rate on most trading partners.

India:

The Indian stock market closed in negative territory on Thursday, with investors turning cautious ahead of the first quarter Q1 earnings season and amid global trade uncertainties. Market is expected to open on a gap down note and likely to witness a range bound move during the day.

Global economy:

U.S. President Trump on Thursday released a letter outlining a 35% trade tariff on Canada, citing in part the flow of Fentanyl from the country, as well as allegedly unfair trade practices. Trump, in a letter addressed to Canadian PM Mark Carney, said the 35% duty will take effect from August 1, and will be separate from Trump’s sectoral tariffs, which include steep levies on commodities and automobile imports. Trump warned against any retaliation, and said that his new tariffs were in part aimed at pressuring Ottawa into curbing the illegal flow of Fentanyl into the U.S. a concern he had raised earlier.

The Fed Reserve on Thursday proposed tweaks to how it evaluates large banks by making it easier for them to be considered well managed, removing a hurdle for potential acquisitions and other restrictions. The proposal would adjust the U.S. central bank’s supervisory framework for large banks, where supervisors grade banks on four separate criteria. Specifically, the proposed changes would make it easier for banks to obtain a well-managed rating overall, by requiring deficiencies across multiple categories instead of just one, as is currently required. The move could be a boon for larger banks eyeing potential deals, as one consequence of not being highly rated is a bar on acquisitions.

Commodities:

Oil prices steadied in early trading on Friday following a 2% drop in the previous session that was driven by Trump's new tariffs.

Gold rose on Friday after Donald Trump announced new tariffs on Canadian imports and issued broader tariff threats to other trading partners, though a stronger dollar limited gains as investors assessed the latest trade actions.

Currency:

The U.S. dollar rose on Friday on more signs of upheaval in the global trade landscape, as Donald Trump announced more tariffs and said he planned to impose blanket levies of 15% or 20% on most trade partners.

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