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Market Review

US:

Wall Street stocks climbed as data showed the US labour market remains strong despite concerns over risks from President Donald Trump's tariff war.

Asia:

Asian stocks opened higher following data indicating resilience in the US labour market despite ongoing concerns over President Donald Trump's tariff policies.

India:

India's benchmark equity indices closed lower for the third consecutive session on Tuesday, dragged down by financials and IT stocks. Markets are expected to open on a flattish note and likely to witness range bound move during the day.

Global Economy:

The US job market surprised everyone in April with 7.39 million job openings, topping Bloomberg's forecast of 7.1 million, despite an increase in job separations and unemployment claims. Australia’s economy grew less than expected in the first quarter of 2025, gross domestic product data showed on Wednesday, as weak local spending and sluggish exports weighed on growth. GDP grew 1.3% year-on-year in the first quarter, data from the Australian Bureau of Statistics showed. The print was weaker than expectations of 1.5%, but remained steady at the 1.3% rise seen in the December quarter. The U.S. light vehicle sales rate slumped in May by the most in about five years following a rush by auto shoppers during the previous two months to beat anticipated price hikes stoked by President Donald Trump’s tariffs on imported automobiles. Wards Intelligence on Tuesday reported the seasonally adjusted annual rate of light vehicle sales plunged to 15.65 million units last month from a revised 17.25 mn in April and 17.83 million in March. May’s drop in the SAAR of about 1.6 million was the largest since the onset of the COVID-19 pandemic in April 2020.

Commodities:

Oil prices edged lower in early Asian trade on Wednesday, weighed down by a loosening supply-demand balance following increasing OPEC+ output and lingering concerns over the global economic outlook due to tariff tensions. Gold prices held steady on Wednesday as the uncertainty over U.S.-China trade relations offset the impact of strong U.S. jobs data that boosted risk appetite.

Currency:

The dollar drifted lower on Wednesday as the market looked ahead to U.S. employment data for immediate trading cues, while waiting on developments in President Donald Trump's tariff negotiations with key trading partners including China.

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