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Market Review

US:

The S&P 500 rose sharply to end at its highest in over two weeks on Monday, lifted by Nvidia and Tesla following signs that the Trump administration might take a more measured approach on tariffs against U.S. trading partners.

Asia:

Asian stocks rose on Tuesday, taking cues from the Wall Street, as the prospect of narrower-than-feared U.S. tariffs boosted risk appetite, while the dollar hovered near three-week highs after upbeat economic data provided some comfort.

India:

The market extended the previous week rally, rising more than 1 percent on March 24 with Nifty hitting 23,700, intraday, amid buying across the sectors and a possible flexibility in President Trump’s tariff plan also added the fuel. Market is expected to open on a gap up note and likely to witness positive move during the day.

Global Economy:

Bank of Japan policymakers discussed the pace of raising interest rates further after deciding to hike short-term interest rates to the highest in 17 years, minutes of their January meeting showed on Tuesday. "Some members shared the recognition that real interest rates were expected to remain significantly negative even if the BOJ decided to raise the policy interest rate at this meeting, and that accommodative financial conditions would be maintained," the minutes said. One of those members pointed out that the rate hike at the meeting would rather be an adjustment in the degree of monetary accommodation under accommodative financial conditions.

U.S. business activity growth accelerated in March, but expectations for the year ahead fell to their second-lowest level since October 2022 in a sign of increasing worry among companies about the broader economic outlook. Improved weather powered an uptick in the key U.S. services sector, which helped to mitigate a renewed decline in manufacturing output. Factories reported fewer instances of activity having been buoyed by the front-running of anticipated tariffs.

Commodities:

Oil prices were steady in Asian trading on Tuesday after jumping more than 1% in the previous season, as U.S. President Trump threatened to impose 25% tariffs on countries purchasing oil and gas from Venezuela.

Gold inched lower on Tuesday after Trump eased concerns by stating that not all of his proposed tariffs would take effect on April 2, while a Fed Reserve official signalled a cautious stance on interest rate cuts this year.

Currency:

The dollar hit a three-week high on the yen early on Tuesday and was firm across the board after some strong U.S. services data and cautious optimism on the tariff front.

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