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Market Review

US:

U.S. stocks finished higher on Wednesday after a slew of robust corporate earnings and President Donald Trump's new initiative on artificial intelligence pushed Wall Street closer to record territory.

Asia:

Asia shares rose on Thursday, helped by a jump in their Chinese counterparts on Beijing's latest measures to shore up its crumbling stock market.

India: Indian benchmark indices closed in green on Wednesday, supported by gains in IT stocks and heavyweight financials.  Market is expected to open on a negative note and likely to witness range bound move during the day.

Global economy:

U.S. President Donald Trump is pushing a plan to explicitly use revenue from higher tariffs on imported goods to help pay for extending trillions of dollars in tax cuts, an unprecedented shift likely to face opposition from many of his fellow Republicans in Congress. The U.S. collects less than $100 bn annually in trade penalties imposed on imported goods as a tool to protect and grow domestic industries. That money is rarely a topic in Washington's routine budget battles because it makes up so little of the federal government's revenue. Trump has threatened across-the-board import tariffs, but has yet to impose any. Japan’s trade surplus grew more in December, boosted chiefly by resilient exports to the U.S. and China, although weaker-than expected imports pointed to some softness in local demand. Trade balance grew to a surplus of 130.9 bn yen, compared to expectations for a deficit of 55 bn yen. Trade balance also swung into a surplus from a 110.3 bn yen deficit in Nov. The turnaround was driven chiefly by stronger-than-expected exports, which grew 2.8% year-on-year in Dec more than expectations for a 2.3% increase.

Commodities:

Oil prices dipped in early trade on Thursday, extending losses amid uncertainty over how proposed tariffs by U.S. President Donald Trump on several countries would impact global economic growth and energy demand. Gold held steady near its record high on Thursday as investors awaited further direction from the new Trump administration regarding potential tax cuts and trade policies.

Currency:

The dollar steadied against major peers on Thursday, continuing its near paralysis of the past two days before more concrete announcements on tariffs from U.S. President Donald Trump.

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