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Market Review

US:

US stock market slumped on Thursday, with the indices ending with the largest single-day percentage losses since 2020, after US President Trump’s sweeping trade tariffs stoked fears of an all-out trade war and fears of a global economic recession.

Asia:

Asian stocks are taking another hit in Friday morning trading as investors digest the economic consequences of President Trump’s tariffs.

India:

Indian markets closed lower on Thursday following the U.S. decision to impose 26% tariffs, despite gains in pharma stocks that were exempt from these duties. Nifty is expected to open on a gap down and likely to witness sideways move during the day.

Global economy:

Layoffs announced by U.S. employers surged in March to the highest level since the pandemic recession as the govt purged federal workers and contractors to slash spending. Job cuts increased 60% to 275,240 last month, the highest level since May 2020, when the economy was reeling from the first wave of the COVID-19 pandemic. It was also the third highest monthly total on record. The U.S. services sector slowed to a nine-month low in March, backing expectations that economic growth likely stalled in the first quarter amid uncertainty caused by import tariffs. The economic outlook was further dimmed by President Trump unveiling on Wednesday a 10% minimum tariff on most goods imported into the U.S., sparking threats of retaliation and rattling global financial markets. Canada unexpectedly swung into a trade deficit in February but both exports and imports stayed at near record levels, as businesses built inventories in the United States to try to limit the impact of tariffs. The country’s trade deficit for Feb was at C$1.52 bn ($1.08 bn), down from a 32-month high surplus of C$3.13 bn in Jan, Statistics Canada said.

Commodities:

Oil prices fell further in early Asian trade on Friday, and were on track for the worst week in months over U.S. President Trump’s new tariffs, stoking concerns over a global trade war that could weigh on oil demand. Gold prices remained stable, poised for the fifth weekly gain as concerns over a global trade war driven by U.S. President Trump's tariffs boosted demand for safe-haven assets.

Currency:

The U.S. dollar struggled to regain its footing with the safe-haven yen hovering near a six-month peak on Friday, as traders took stock of the fallout from President Trump's aggressive and far-reaching new tariff measures.

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