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Market Review

US: 

US stocks declined alongside Treasuries as a public dispute between President Donald Trump and Elon Musk dragged Tesla Inc. down, significantly impacting the megacap tech sector.

Asia

Asian equities were positioned for declines on Friday, following Wall Street's losses amid anticipation of US jobs data that could provide clues on the Federal Reserve's future rate cuts.

India:

India's benchmark equity indices closed higher for second straight session on Thursday, after ending a three-day losing streak on Wednesday. Markets is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy

The U.S. trade deficit narrowed sharply in April, with imports decreasing by the most on record as the front-running of goods ahead of tariffs ebbed, which could provide a lift to economic growth this quarter. The trade gap contracted by a record 55.5% to $61.6 bn, the lowest level since September 2023. Data for March was revised to show the trade deficit having widened to an all-time high of $138.3 bn rather than the previously reported $140.5 bn.

Canada’s trade deficit in April widened to an all-time high of a whopping C$7.1 bn ($5.2 bn), as tariffs imposed by President Donald Trump sucked out demand for Canadian goods from the United States. Canada’s exports to the rest of the world rose, but could not compensate for the drop in exports to the U.S., data from Statistics Canada showed. Exports to the U.S. shrank by 15.7%, a third consecutive monthly decline, Statscan said, adding that exports south of the border have fallen by over 26% since the peak seen in January.

Commodities: :

Oil prices fell slightly in Asian trade on Friday as traders remained on edge over slowing growth and weakening demand, although increased military action between Russia and Ukraine limited losses.

Gold prices rose on Friday and headed for weekly gains, as weaker U.S. economic data bolstered demand and a softer dollar lent further support, while investors awaited U.S. payroll data for clues on the Federal Reserve's monetary policy trajectory.

Currency:

The dollar was headed for a weekly loss on Friday, undermined by signs of fragility in the U.S. economy and as trade negotiations between Washington and its trading partners made little progress despite a looming deadline

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