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Market Review

US:

Stocks edged higher on Thursday amid geopolitical concerns briefly weighing on markets as Israel-Iran tension skyrocket.

Asia: Stocks declined sharply and investors sought refuge in safe-haven assets like US Treasuries following Israel’s airstrikes on Iran.

India:

India's benchmark equity indices slumped sharply on Thursday in reversal of a week-long gaining momentum. Market is expected to open on a gap down note and likely to witness sideways move during the day.

Global economy:

British goods exports to the United States suffered a record fall in April after U.S. President Donald Trump imposed new tariffs, official figures showed on Thursday, pushing Britain’s goods trade deficit to its widest in more than three years.Britain exported 4.1 billion pounds ($5.6 billion) of goods to the United States in April, down from 6.1 billion pounds in March. The lowest amount since February 2022 and the sharpest decline since monthly records began in 1997. U.S. producer prices returned to growth on a monthly basis in May following an increase in final demand services costs, with demand for travelers’ accommodations helping offset a fall in air fares.The producer price index for final demand inched up by 0.1% month-on-month, after a 0.2% drop in April. Economists had anticipated an uptick of 0.2%.In the twelve months to May, the figure came in at 2.6%, matching expectations and speeding up marginally from 2.5% in April. U.S. household wealth fell at the end of the first quarter, Federal Reserve data showed on Thursday, dragged down by a stock market rout that has since reversed course. The net worth of households and non-profit groups shrank to $169.3 trillion as of March 31, the Fed said in its quarterly U.S. financial accounts report, down from $170.9 trillion the prior quarter and the lowest quarter-end level since the middle of last year.

Commodities:

Oil prices jumped more than 7% on Friday, hitting their highest in months after Israel said it struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies. Gold prices climbed on Friday to their highest point in more than a month, on track for a weekly gain, as investors sought safe-haven assets after Israel's strike on Iran heightened Middle East tensions.

Currency:

The U.S. dollar rallied alongside the safe-haven Japanese yen and Swiss franc, with currency markets abruptly reversing direction on news Israel had launched strikes on Iran.

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