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Market Review

US:

Overnight, the S&P 500 and the Dow ended in positive territory at the conclusion of a choppy session on Monday, and gold advanced as investors looked for signs of progress in tariff negotiations at the top of an eventful week of corporate earnings and economic data.

Asia:

Asia-Pacific markets had a sluggish open as investors awaited the extent of the impact of U.S. President Donald Trump’s tariffs on corporate earnings and economic data expected from Wall Street this week.

India:

The benchmark indices bounced back sharply. Among sectors, almost all the major sectoral indices traded in positive territory, but the Defense and Oil and Gas indices outperformed, with Defense up 4 and Oil and Gas gain 3 percent. Market is expected to open on a positive note and likely to witness range bound move during the day.

Global economy:

Israel has proposed revamping its fourdecade-old free trade agreement with the United States, as it looks to head off tariffs from its closest ally. An upgraded trade pact would ease restrictions on data sharing that would enable significant collaboration, Economy Minister Nir Barkat told Reuters at a conference in Jerusalem.

Mike Carney, leader of Canada’s Liberal Party, likely won a full term as Prime Minister. The Canadian Broadcasting Corporation (CBC) said it was projecting a Liberal win in the elections, with the party set to win more of Parliament’s 343 seats than the Conservative party. But it was not immediately clear whether the Liberals will clinch a majority government. The Conservatives could also win a sizeable minority.

Trump is expected to soften the blow of his automotive tariffs by preventing duties from stacking on top of other tariffs he has imposed, while also scaling back some duties on foreign parts, the Wall Street Journal reported. The move will mean that U.S. automakers paying Trump’s automotive tariffs will not be subject to other duties, such as those on steel and aluminum, the WSJ report said, citing people familiar with the matter.

Commodities:

Crude oil prices fell in early Asian trading on Tuesday as investors lowered their demand growth expectations due to the ongoing trade war between the United States and China, the world's two biggest economies.

Gold prices fell on Tuesday as easing trade tensions between the U.S. and its trading partners dented the metal's safe-haven appeal, while investors awaited U.S. economic data to assess the Federal Reserve's policy path.

Currency:

The dollar barely recouped its heavy losses on Tuesday as investors were no clearer on whether a deescalation of the Sino-U.S. trade war was underway with Treasury Secretary Scott Bessent suggesting the onus was on China to start negotiations.

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