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Market Review

US:

Stocks posted another day of strong gains Friday, fueled by news of potential progress toward the U.S. and China mending trade relations.

Asia:

Australian stocks fell Monday after PM Anthony Albanese returned to power, while most Asian markets were closed for holidays.

India:

The Sensex ended 260 points higher on Friday buoyed by optimism surrounding a potential India-US trade deal, record high GST collection in April, and continuous foreign fund inflows. Market is expected to open on a gap up note and likely to witness positive move during the day.

Global economy:

The U.S. economy added more jobs than anticipated in April, but this still represented a drop from the previous month given the heightened economic uncertainty due to U.S. President Trump’s aggressive tariffs policy. Nonfarm payrolls for the month came in at 177,000, down from a revised lower reading of 185,000 in March, data from the Labor Department’s Bureau of Labor Statistics showed on Friday. Economists had anticipated 138,000. U.S. President Trump’s administration proposed a $163 bn cut to the fed budget that would sharply reduce spending on education, housing and medical research next year, while increasing outlays for defense and border security. The administration said the proposed budget would raise homeland security spending by nearly 65% from 2025 enacted levels, as Trump cracks down on illegal immigration. In a significant economic event, the total value of new purchase orders placed with manufacturers, known as Factory Orders, has seen a remarkable surge. The actual figure for Factory Orders came in at 4.3%, a substantial jump from the previous figure of 0.5%. The latest data nearly matched the forecasted growth of 4.4%, falling short by a slight 0.1%. Despite this minor discrepancy, the actual number still represents a significant increase, demonstrating a robust manufacturing sector.

Commodities:

Oil prices dropped in early trading after OPEC+ reached an agreement over the weekend to significantly increase production, boosting global supply. Gold advanced after its first back-to-back weekly loss this year as investors mulled an uncertain outlook for global trade and the US economy ahead of a Fed Reserve rate decision this week.

Currency:

The U.S. dollar slipped handing back some of the previous session’s gains ahead of the release of the muchwatched monthly jobs report.

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