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Market Review:

US

All three major U.S. stock indexes closed at record highs on Friday after a rocky week in which investors fretted over the Delta coronavirus variant and cheered an economic recovery, while U.S. Treasury yields rose before a Federal Reserve meeting next week.

Asia:

Asian shares struggled to rally on Monday as super-strong U.S. corporate earnings sucked funds out of emerging markets and into Wall Street, where records were falling almost daily.

India:

Benchmark indices closed in the green on Friday led by financials and FMCG. Market, after opening on a positive note amid weak global cues, turned volatile during the first half with benchmarks dipping in the red. However, they managed to retain gains during the second half amid recovery in heavyweights such as ICICI Bank. Market is expected to open gap down and likely to witness profit booking during the day.

Global Economy:

Japan's factory activity expanded at the slowest pace in five months in July, a private sector survey showed on Monday, underscoring the world's third-largest economy's struggle to stage a convincing recovery from the coronavirus pandemic. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) slipped to a seasonally adjusted 52.2 in July from a final 52.4 in the previous month, in a sign of a softer improvement in operating conditions. Among key economic elements, output and new orders growth eased to six-month lows amid rising COVID-19 infections and delays in getting raw materials.

U.S. business activity grew at a moderate pace for a second straight month in July amid supply constraints, suggesting a cooling in economic activity after what was expected to have been a robust second quarter. Data firm IHS Markit said on Friday its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, fell to a four-month low of 59.7 from 63.7 in June.

Commodities:

Oil edged higher after eking out a modest weekly gain as investors assessed the outlook for demand amid a Covid-19 resurgence. Gold prices inched lower on Monday, hovering around the $1,800 per-ounce psychological level, as the U.S. dollar held firm, with investors turning their attention to the Federal Open Market Committee's meeting this week.

Currency:

The U.S. dollar hovered near its strongest level since early April against the euro on Monday, as financial markets looked ahead to the Federal Open Market Committee (FOMC) meeting this week for clues on the timing of stimulus tapering.

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