Amidst Volatility, Global Markets Recover

Asian markets are trading higher, showing resilience despite Wall Street's sharp decline following comments from U.S. Federal Reserve Chair Jerome Powell, who warned that ongoing trade tensions may challenge the Fed's dual mandate of managing inflation and sustaining economic growth.

April 2025 Update

Asian markets are trading lower, mirroring the US markets as investors evaluate quarterly earnings amid ongoing concerns over tariffs that continue to dampen sentiment. Nikkei, Hang Seng, and Shanghai are trading lower by 0.63%, 1.71%, and 0.54%, respectively.

A Tale of Two Cities: MGL continues to post robust volume growth, while IGL faces stagnation in its core Delhi market MoPNG has cut APM allocation for CGD entities and accordingly revised domestic gas allocation for MGL and IGL is ~18% and ~20% lower than previous allocation. The shortfall will be met by New Well Gas which is Brent linked. We believe sourcing cost post de-allocation may not increase significantly due to softening Brent and LNG prices, and with price hikes undertaken by both the companies in April, the impact may not be detrimental. We re-iterate positive...

In March, Consumer Price Index (CPI) inflation eased to 3.3%, while Wholesale Price Index (WPI) inflation declined to 2.1%. This sharp sequential drop in headline CPI inflation was mainly driven by lower food prices.

Aditi Nayar, Chief Economist at ICRA, noted that rising temperatures could push up prices of perishables in the coming weeks. Although the initial above-normal monsoon forecast is positive, its timing and distribution will be crucial for agricultural output and food inflation.

Asian markets are trading mixed following recent tariff exemptions and dovish remarks by Fed's Waller. Nikkei is trading higher by 1%, while Hang Seng and Shanghai are trading lower by 0.18% and 0.36%, respectively.

Retail Research