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Market Review

US:

Wall Street advanced on Friday, notching weekly gains as investors parsed a spate of earnings and looked for signs of easing tensions in the U.S.-China trade dispute.

Asia:

Asian shares gained in a cautious start to the week as investors await progress in US trade negotiations with the region and signs of further stimulus from China.

India:

Bears tightened their grip on Dalal Street as the Indian benchmark indices shed more than 0.5 percent as investors remained concerned over India’s response to the terror attack and its consequences. Market is expected to open on a gap up note and likely to witness positive move during the day.

Global economy:

China’s industrial profits returned to growth in the first quarter, but are likely to come under further pressure amid a trade war with the United States. With Washington’s aggressive tariffs threatening to hit China’s crucial export engine hit and no time frame yet for any bilateral trade talks, economists and investors are waiting for the Chinese government to roll out more support measures to cushion the blow to the world’s second-largest economy. Cumulative profits of China’s industrial firms rose 0.8% to 1.5 trillion yuan ($205.86 billion) in the first quarter from a year earlier, reversing a 0.3% decline in the first two months.

China has exempted some U.S. imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses that have been notified, in the clearest sign yet of Beijing’s concerns about the trade war’s fallout. The dispensation, which follows de-escalatory statements from Washington, signals that the world’s two largest economies were prepared to rein in their conflict, which had frozen much of the trade between them and raised fears of a global recession. Beijing’s exemptions, which business groups hope would extend to dozens of industries, pushed the U.S. dollar up slightly and lifted equity markets in Hong Kong and Japan

Commodities:

Oil prices inched up in early trade on Monday but remained dogged by uncertainty over trade talks between the U.S. and China clouding the outlook for global growth and fuel demand, while the prospect of OPEC+ raising its supply cast more gloom.

Gold prices eased on Monday as the thawing of trade tensions between the U.S. and China provided some relief to investors, while a stronger dollar further weighed on prices.

Currency:

The dollar made a steady start on Monday as investors prepared for a week packed with economic data that may give a first glimpse of whether U.S. President Donald Trump's trade war is hitting home.

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