Howard Marks: Goldman Sachs now estimates a 45% chance of a U.S. recession, citing growing concerns over a potential full-scale trade war that has triggered a widespread selloff in equities and Treasuries. On Thursday, the S&P 500 dropped 3.5%, pulling the index about 15% below its February high.

Gold prices on Friday touched an all-time high of Rs 93,736 per 10 grams in futures trade in line with firm global trends. On the Multi Commodity Exchange, the yellow metal contracts for June delivery hit a record high of Rs 93,736 per 10 grams in early trade.

Peter Schiff reignites debate over Bitcoin s future, claiming the 2025 financial crisis may end what the 2008 crisis began. Amid rising tariffs and market volatility, Bitcoin fell 27% from its peak, even as gold prices held firm. Schiff criticized the U.S. Strategic Bitcoin Reserve and urged gold as the safer alternative. His comments arrive during heightened global economic uncertainty and continued scrutiny of crypto’s long-term viability.

PMS strategies: In FY25, 18 PMS strategies posted over 20% gains, with InCred’s Focused Healthcare Portfolio topping at 53.6%. Healthcare and smallcap strategies dominated, while multicap and largecap strategies also saw solid returns. However, some multi-asset and multicap funds recorded steep losses, with SKG India Value falling over 27%. March ended with mixed performance, as 20 PMSes gained over 10%, while 8 ended negative.

Amid sharp US bond market swings, China’s US Treasury holdings face renewed scrutiny. Analysts speculate Beijing may be selling bonds in response to Trump’s steep tariffs, potentially using its holdings as leverage. Though unconfirmed, fears of broader sell-offs persist.

The Indian rupee logged its worst week since February as drastic shifts in U.S. trade policy sparked volatility in global markets and weighed on risk assets, but also pummelled the dollar, which helped limit the losses.

Indian benchmark indices surged on Friday after the US paused additional tariffs on India. The Nifty rose 429 points and the Sensex jumped 1,310 points, with EMS and specialty chemical stocks leading gains.

TCS reported strong FY2025 performance, exceeding FY2024, with confidence in surpassing it in FY2026, fueled by a robust $12.2 billion order book. While sequential margins saw a slight dip due to strategic investments, the company remains optimistic about growth, particularly in BFSI and Europe, aspiring for double-digit expansion despite macro challenges and uncertainties.

JPMorgan Q1 earnings: JPMorgan Chase reported record Q1 stock trading revenue of $3.81 billion, a 48% jump driven by market volatility from Trump’s policy shifts. CEO Jamie Dimon warned of economic turbulence amid inflation, high deficits, and trade policy uncertainty.

Indian stock markets will be closed on April 14 and April 18 for Ambedkar Jayanti and Good Friday, leaving only three trading sessions next week. All segments, including equities and derivatives, will remain suspended on these holidays. Investors should plan ahead considering the reduced trading window.