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Market Review

US:

Wall Street traders, buoyed by Nvidia Corp.'s strong earnings, were soon met with sobering signs of a cooling economy and fresh legal clouds over Donald Trump’s trade policies.

Asia:

Asian stocks dipped on Friday as fresh data pointed to a cooling US economy and investors assessed the legal overhangs tied to President Trump's trade policies.

India:

The benchmark equity indices closed higher, snapping a two-day slump on Thursday as share prices of IndusInd Bank Ltd. and Sun Pharmaceutical Industries Ltd. gained the most. Nifty is expected to open on a flattish note and likely to witness range bound move during the day.

Global Economy:

Core inflation in Japan’s capital hit a more than two-year high on persistent rises in food costs, data showed on Friday, keeping the central bank under pressure to hike interest rates further.The Tokyo CPI, which excludes volatile fresh food costs, rose 3.6% in May from a year earlier, exceeding market forecasts for a 3.5% gain and perking up from a 3.4% rise in April. It was the fastest annual pace of increase since January 2023, when it hit 4.3%. Australian retail sales dipped unexpectedly in April as warm weather hit spending on winter clothing, while department stores suffered from a dearth of discounting events in further evidence of a subdued consumer.Data out from the Australian Bureau of Statistics (ABS) on Friday showed retail sales fell 0.1% in April from March, when they edged up 0.3%. The outcome was well short of market forecasts of a 0.3% increase.Sales of A$37.2 billion were up 3.8% on a year earlier, a slowdown from 4.3% in March and historically sluggish given annual population growth is running around 1.7%.

Commodities:

Oil prices were on track to end the week down more than 1% on Friday amid whipsawing tariff rulings in the U.S. and as the market braced for a potential OPEC+ output hike. Gold prices inched lower on Friday as investors held back from making big bets ahead of a key U.S. inflation report that could shed more light on the Federal Reserve's policy path.

Currency:

The U.S. dollar softened on Friday, heading for its fifth-straight monthly decline as traders braced for further bouts of uncertainty around trade and fiscal health, while investors awaited a pivotal inflation report later in the day.

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