Global Market Updates – Precap

30 Apr 2026 , 07:11 PM

UNITED STATES MARKETS (April 29 Close)

S&P 500: 7,135.95 down 0.04%
Nasdaq: 24,673.24 up 0.04%
Dow Jones: 48,861.81 down 280 pts (−0.57%)

Top News
Fed Holds Rates (Historic Split)
The Federal Open Market Committee held rates at 3.50%–3.75% with an 8–4 vote, marking the widest policy split since 1992.

• Four members dissented in favor of a rate cut
• Signals deep internal disagreement on policy direction

Leadership Update

• Jerome Powell to remain on the Fed Board after stepping down as Chair
• Kevin Warsh’s confirmation process is ongoing

Other Movers

• Alphabet ▲ ~7% (after hours)
  • Q1 revenue: $109.9B (+22% YoY)
  • Google Cloud revenue: $20B (+63%)
  • Net income nearly doubled to $62.6B
  • Raised capex guidance to $180–$190B
• Meta ▼ ~6% (after hours)
  • Q1 revenue: $56.3B (+33% YoY)
  • Raised capex forecast to $125–$145B
  • Stock declined due to drop in daily active users
  • Weakness linked to disruptions in Iran and Russia

UNITED KINGDOM (April 29 Close)

FTSE 100: 10,213.11 (GBP) down 1.16%

Key Development
Pharma Stocks Drag Index Lower

• GSK and AstraZeneca weighed heavily despite strong earnings
• GSK sales: £7.6B (+5%)
• Growth driven by Specialty Medicines (+14%)
• AstraZeneca maintained strong oncology demand outlook

Note:
Jefferies highlighted that part of GSK’s earnings beat came from legal provisions rather than core operations

CHINA (April 29 Close)

Shanghai Composite: 4,106 (CNY) up 0.71%

Key Development
US Sanctions & EV Sector Movement

• US sanctioned a Chinese refiner and warned banks over Iran-linked transactions
• Risk of secondary sanctions raised

Market Reaction:

• BYD ▲ (strong earnings)
• CATL ▲ (recovery after sell-off)
• Foxconn ▼ despite strong AI revenue growth

HONG KONG (April 29 Close)

Hang Seng Index: 26,112 ▲ 1.68%

Key Drivers

• Broad-based recovery led by financials and tech
• Key movers:
  • Meituan ▲ 3.6%
  • HK Exchanges ▲ 3.0%
  • AIA Group ▲ 2.2%
  • Tencent ▲ 1.1%

Sentiment Check:

• Cautious amid elevated oil prices
• US–Iran tensions remain unresolved

COMMODITIES

Brent Crude
~$118.03 ▲ 7.67%

• Highest since June 2022
• Driven by:
  • Continued US blockade on Iran
  • Falling US inventories
  • Record exports (>6M bpd)
  • UAE exit from OPEC

WTI Crude
~$106.88 ▲ 8.92%

• Supply shock due to Strait of Hormuz disruption
• Prices above $100 for the first time in years

Gold
~$4,543/oz ▼ 1.15%

• Declined despite geopolitical tensions
• Reason:
  • Rising rate expectations
  • Oil-driven inflation reducing appeal of non-yielding assets

TOP 5 STORIES IMPACTING INDIAN MARKETS

1. Iran Blockade — Oil Above $118 (Major Negative)

• US confirms continued blockade on Iran
• Impact on India:
  • Imports ~85% of crude
  • Every $10 rise → +0.3–0.5% CPI
  • Pressure on fiscal deficit and current account

2. Fed Decision — Mixed but Slightly Positive

• Rate hold with dovish dissent
• Implications:
  • Lower probability of further hikes
  • Reduced pressure on INR
  • Supports capital flows into emerging markets

3. US Sanctions — Risk to India’s Energy Strategy

• Crackdown on Iran-linked transactions
• Potential impact:
  • Limits access to discounted crude
  • Raises energy sourcing challenges
  • Adds fiscal pressure

4. Big Tech Earnings — IT Sector Watch

• Alphabet strong cloud growth signals continued AI demand
• Positive for Indian IT (cloud exposure)
• Meta mixed signals:
  • Higher capex = opportunity
  • User decline = medium-term uncertainty

5. Gold Decline — Mild Positive

• Falling gold prices may reduce import burden
• Could slightly improve current account balance
• Helps offset rising oil import costs

KEY THEMES TO WATCH

• Oil price shock vs inflation trajectory
• Fed policy divergence and USD movement
• Geopolitical risks (US–Iran tensions)
• AI spending trends and IT sector outlook
• Energy supply disruptions and sanctions impact

Disclaimer – The stock/s and indices mentioned in this article are discussed solely for informational and educational purposes. It should not be construed as investment advice or a recommendation to buy or sell any securities. Investors should conduct their own research or consult a financial advisor before making any investment decisions. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.