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Market Review

US:

Wall Street ended higher on Friday after a choppy trading session, with Dell Tech dipping and other tech stocks climbing after a meeting between Trump and Zelenskiy ended in disaster.

Asia:

Asian share markets dithered on Monday as the threat of imminent tariffs lurked in the background, while bitcoin surged on news it would be included in a new U.S. strategic reserve of cryptocurrencies.

India:

The Indian market witnessed its worst day in nearly five months on Friday, with the Nifty 50 extending its longest monthly losing streak since 1996 amid growing concerns over domestic market conditions, weighed down by the impact of Trump’s tariffs, continued FII selling, and weak global cues. Market is expected to open on a positive note and likely to witness positive move during the day

Global economy:

Chinese manufacturing activity grew more than expected in Feb, as local businesses continued to benefit from stimulus measures released in 2024. But investors were watching to see whether a brewing trade war between the U.S. and China, amid increased tariffs from US, will stymie activity in the coming months, especially as U.S. export demand comes under pressure. China’s manufacturing PMI grew 50.2 in Feb’25, vs expectations of 50.0 and moving back into expansion territory after falling to 49.1 in Jan’25.

U.S. Commerce Secretary Howard Lutnick said on Sunday that tariffs on Canada and Mexico will go into effect on Tuesday, but that Trump will determine whether to stick with the planned 25% level. This is the first indication from Trump’s administration that it may not impose the full threatened 25% tariffs on all goods from Mexico and non-energy imports from Canada. Lutnick said Trump is expected to raise tariffs on China on Tuesday (to add another 10% tariffs, effectively doubling 10% duties imposed on Feb. 4) unless the country ends fentanyl trafficking into the U.S.

Commodities:

Oil prices rose 1% on Monday as upbeat manufacturing data from China, the world's biggest crude importer, led to renewed optimism for fuel demand, although uncertainty about global economic growth from potential U.S. tariffs loomed.

Gold prices increased on Monday boosted by a weaker U.S. dollar and concerns of a global trade war due to Trump's tariffs. U.S. gold futures also rose.

Currency:

The euro rebounded from a 2-1/2-week low against the U.S. dollar on Monday and sterling also advanced with Europe taking the lead in a renewed push for peace in Ukraine.

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