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Market Review 

US:

US stocks rally after the US and China agreed to a 90-day tariff cool down.

Asia:

Asian stocks joined the global rally and the U.S. dollar held on to most of its gains on Tuesday as investors heaved a sigh of relief after a temporary halt in the trade war between the U.S. and China eased worries of a global recession

India:

Indian equity benchmark indices, rallied strongly in trade on India-Pakistan ceasefire and US-China trade deal progress. Market is expected to open on a gap down note and likely to witness range bound move during the day.

Global economy:

The U.S. govt posted a $258 bn budget surplus for April, up 23%, or about $49 bn, from a year earlier, reflecting strong tax receipts in the final month of the tax season and record collections of import duties, the Treasury Deptt said. Treasury reported that customs duties in April totalled $16 bn, about a $9 bn increase from the year-earlier period and far eclipsing the previous record of $9.6 bn two years earlier. The jump occurred during a month in which President Trump boosted tariffs on Chinese goods to as much as 145% while slapping at least 10% levies on imports of goods from other countries.

Japan’s service-sector sentiment worsened in April on concern over the impact of higher U.S. tariffs, a govt survey showed, a sign uncertainty over trade talks with Washington was beginning to take a toll on the fragile economy. In the first survey since President Trump’s April 2 announcement of "reciprocal tariffs", the govt downgraded its assessment to say the economy’s recovery was weakening.

Commodities:

Oil prices eased on Tuesday from a two-week high reached during the previous session after the U.S. and China agreed to temporarily slash tariffs, sparking optimism that a trade war between the world's two biggest economies would come to an end.

Gold steadied after a sharp selloff as a major de-escalation in US-China trade tensions hurt demand for havens.

Currency:

The dollar held strong gains on Tuesday as investors cheered a tariff deal between the USt and China to tap the brakes on a trade war between the two countries that had fed fears of a global recession.

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