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Market Review

US: Wall Street on Thursday was rattled by data that showed exactly what stock traders did not want to hear: a significant slowdown in the world’s largest economy and persistent inflation pressures.

Asia: Most markets in Asia-Pacific region were trading lower on Friday, tracking overnight losses in U.S. stocks, and as investors wait for the Bank of Japan's policy outcomes.

India: India's benchmark stock indices gained for the fifth straight day on Thursday, with the Nifty 50 closing above 22,500, led by nearly 4% gains in PSU banks. Markets are expected to open on a flattish note and likely to remain sideways move during the day.

Global Economy: China on Friday passed a law leaving its biggest trade partners in no doubt that it can hit back should they put tariffs on the exports of the world's No.2 economy as Washington and Brussels take aim at Beijing over excess industrial capacity. The Tariff Law, which was approved by China's top legislature after three rounds of deliberations going back to 2022, is the latest addition to Beijing's arsenal of trade defence instruments as it maintains an uneasy truce with the U.S. following a trade war that kicked off during the Trump administration. The U.S. economy grew at its slowest pace in nearly two years in the first quarter amid a surge in imports and small build-up of unsold goods at businesses, signs of solid demand that together with an acceleration in inflation reinforced expectations the Federal Reserve would not cut interest rates before September. The cooler-than-expected growth reported by the Commerce Department in its snapshot of first-quarter gross domestic product on Thursday, which also reflected a downshift in government spending, exaggerated the moderation in economic activity. Domestic demand, a better growth measure, was strong as consumer spending moderated slightly while business investment picked up and the housing recovery gained steam.

Commodities: Gold prices edged lower on Friday and were set for a weekly decline as investor attention turned to key U.S. inflation data for cues on the Federal Reserve's interest rate trajectory. Oil prices rose in early trade on Friday, as players took stock of the U.S. Treasury secretary's comments that the country's economy is likely in a stronger position than indicated by weak first-quarter data, coupled with supply concerns as conflict continues in the Middle East.

Currency: The yen was parked by a 34-year low on the dollar and decade lows on other crosses ahead of a Bank of Japan meeting where interest rates are expected to stay low, while the dollar dipped elsewhere on softer-than-expected U.S. growth data.

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