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Market Review

US:

The S&P?500 pulled back 0.1% and the Nasdaq Composite slid 0.4% on Tuesday, a day after both benchmarks hit records. The Dow Jones rose modestly, adding 31?pts (+0.1%). Weakness in chip stocks and disappointing earnings tempered sentiment.

Asia:

Asian shares rose at the open after President Donald Trump said the US reached a trade deal with Japan, an agreement with a key trading partner that will ease concerns about the tariff war

India:

Indian equity indices ended on a flat note after failing to hold on early gains, with Nifty 50 finishing below 25,100 on across-the-board selling. Market is expected to open on a positive note and likely to witness range bound move during the day.

Global economy:

British grocery price inflation increased to 5.2% for the four weeks ending July 13, according to Worldpanel by Numerator. This represents an increase from the 4.7% reported in the previous month’s data. This rise in grocery prices is adding financial pressure on low-income households across Britain. Britain borrowed more than expected in June as high inflation increased the government’s debt costs. Public sector net borrowing reached £20.7 bn ($27.88 bn) last month, according to the Office for National Statistics (ONS). This figure exceeded the £17.1 bn forecast made by Britain’s budget watchdog, the Office for Budget Responsibility (OBR), in its March outlook. Interest payable on central government debt amounted to £16.4 billion in June

Trump administration had completed a “massive deal” with Japan, which will see the Asian country subject to a 15% tariff on exports. Trump said that Japan will invest $550 bn into the U.S., of which the U.S. will “receive 90% of the Profits.” “Japan will open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things. Japan will pay Reciprocal Tariffs to the United States of 15%,” Trump said.

Commodities:

Oil prices steadied in early trading on Wednesday after falling for three consecutive sessions as a U.S. trade deal with Japan signaled progress on tariffs and a poll showed U.S. crude stockpiles fell last week, indicating stronger demand.

Gold prices climbed to a more than five-week peak on Wednesday, supported by a softer U.S. dollar and lower Treasury yields as investors looked forward to signs of progress in U.S. trade discussions.

Currency:

The dollar held losses against the yen on Wednesday after U.S. President Donald Trump announced a trade deal with Japan ahead of an impending tariff deadline.

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