Indian markets are anticipated to commence trading on a higher note this Friday, May 2nd, buoyed by positive trends observed in Asian markets and a significant rally on Wall Street. This expectation arises in the wake of recent economic updates and corporate earnings reports that have influenced investor sentiment globally.

China has indicated it is considering the possibility of engaging in trade discussions with the United States. This marks the first indication since the imposition of increased tariffs by Donald Trump last month that negotiations might resume. The development is closely watched by financial analysts as it could potentially alleviate some of the trade tensions that have been weighing on global markets.

The Income Tax Return (ITR) filing for the assessment year 2025-26 is expected to commence soon, following the notification of ITR-1 and ITR-4 forms by the income tax department. Taxpayers are advised to stay informed about the latest changes in these forms to ensure accurate and timely filing.

Apple Inc. anticipates a $900 million tariff impact in the June quarter, according to CEO Tim Cook. However, Cook also mentioned that the majority of iPhones sold in the US are expected to be manufactured in India, reflecting the company's strategic shift in production and supply chain management.

Morgan Stanley has projected significant changes in mortgage rates in the near future, suggesting that economic developments could have an unexpected impact on the housing market over the next two years. The surge in mortgage rates in 2022, which doubled, had a substantial effect on the market, and any further changes will be closely monitored.

Stephen Miran, head of the president’s Council of Economic Advisers, reportedly faced criticism for being ‘incoherent’ on tariffs during a closed-door meeting with investors. This raises concerns about the clarity and consistency of economic policies related to trade and tariffs.