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Market Review

US:

US stocks closed higher on Thursday, rallying for a third straight day with a solid boost from technology shares as investors parsed a mixed bag of corporate earnings and watched for signs of progress in the U.S.-China tariff stand-off.

Asia:

Asian stock markets headed for a second straight week of gains on Friday and the dollar for its first weekly rise in more than a month as investors have welcomed an apparent softening of the White House stance on China, despite no signal of detente

India:

Benchmark indices snapped a seven-day gaining streak to end lower with modest losses on April 24, as Nifty 50 closed below 24,300 on selling pressure across sectors, barring metal and pharma. Nifty is expected to open on a gap up note and likely to witness positive move during the day.

Global economy:

Tokyo consumer price index inflation grew more than expected to a two-year high in April amid a recovery in private spending, with the strong print furthering speculation over more interest rate hikes by the Bank of Japan. Tokyo CPI grew 3.5% year-on-year in April from 2.9% in the prior month. The Energy Information Administration (EIA) recently released its Natural Gas Storage report, revealing a significant change in the number of cubic feet of natural gas held in underground storage over the past week. The actual number reported was 88B cubic feet, a figure that notably outstripped both the forecasted and previous numbers. Compared to the forecasted increase of 69B, the actual increase of 88B indicates a weaker demand, which is bearish for natural gas prices. This suggests that the energy market could potentially see a drop in the price of natural gas due to the surplus in storage.

Britain made more vehicles in March as demand increased for British-built cars overseas and for commercial vehicles at home, but it was not enough to prevent a quarterly decline in output. A total of 79,018 cars, vans, trucks, taxis, buses and coaches were manufactured in the last month, up 17.1% yoy.

Commodities:

Oil prices edged higher on Friday but were on track for a weekly loss as a potential OPEC+ output increase and a possible ceasefire in the Russia-Ukraine war may raise supply at the same time conflicting U.S. tariff signals limit the demand outlook.

Gold headed for a weekly gain after a volatile run of trading, with investors assessing trade tensions and the possibility of US rate cuts

Currency:

The dollar drifted higher on Friday, following small losses a day earlier, as traders grappled with the outlook for the U.S. economy following President Donald Trump's erratic messaging on trade deals and Federal Reserve interference.

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