India mastered software; now foreign money is all in on hardware

• The Australian Securities and Investments Commission (ASIC) admitted during Senate estimates that it holds eight active contracts with KPMG, including two initiated after an investigation into the firm began. • This revelation comes amid an ongoing audit scandal involving KPMG, raising questions about the regulator's decision to maintain professional ties with a company under scrutiny.

• The Indian stock market traded higher on Friday, with both the Sensex and Nifty extending gains for a second consecutive session. • Market growth followed an announcement by RBI Governor Sanjay Malhotra that the Monetary Policy Committee (MPC) decided to keep the repo rate unchanged.

• The European Union may be entering a period of accelerated integration and policy action, mirroring previous shifts seen in the 1990s and during the pandemic. • This potential shift in EU financial market strategy poses a serious threat to the dominance of the City of London as a global financial hub.

• Indian equity markets are expected to open higher on June 5, with GIFT Nifty futures trading 36 points up at 23,549. • Key stocks in focus include ICICI Bank, Tata Steel, and Groww, alongside rate-sensitive sectors such as banking, auto, realty, and consumer durables.

• South Korean stocks plummeted 4% on Friday, driven by a sharp decline in tech heavyweights following a sell-off of AI-linked names on Wall Street. • The downturn extended across Asia-Pacific markets, with Hong Kong's Hang Seng index dropping 0.46% and the CSI 300 declining 0.29%.

• Equity markets maintained their upward momentum in May 2026, with U.S. stocks rising by 5.26% and world stocks increasing by 3.90%. • All eight tracked asset classes are currently in positive territory year-to-date, signaling broad-based market strength.

• Union Minister Piyush Goyal stated that India is projected to remain the world's fastest-growing economy for the next two decades. • The growth is expected to be driven by an increase in global investments and the expansion of the domestic manufacturing sector.

• Indian equities closed largely unchanged as persistent tensions in West Asia dampened investor risk appetite and caused market oscillations. • Broader markets showed resilience and outperformed despite recent corrections, signaling strength in specific segments.

• Wall Street saw mixed results as the Dow Jones Industrial Average reached a record high, driven by investor optimism regarding easing tensions in Iran. • Gains on the Nasdaq were limited by a chip sector selloff following weak financial results from Broadcom.

• The stock market has reached record highs following stronger-than-expected Q1 financial results. • Analysts warn that Wall Street may be overlooking a growing earnings bubble despite the current rally.

• Oil prices have increased following a series of missile attacks launched by Iran against Kuwait and Bahrain. • A new U.S. proposal targets 16 economies, including Canada, Mexico, the EU, Taiwan, and the UK, with 10% tariffs due to alleged failures in enforcing forced labor bans.