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Market Review

US: U.S. stock indexes closed higher Friday, but still ended with losses for the week on fears over the spread of the coronavirus delta variant, the imminent tapering of Federal Reserve bond buying, and China’s restrictions on its economy

Asia: Asian stocks rose early Monday as traders sought to take advantage of last week’s selloff while weighing risks from the delta virus strain and China’s regulatory curbs.

India: Domestic equity markets closed in the red on Friday as bears continued to pull Dalal Street lower. S&P BSE Sensex ended at 55329, down 0.54% while the NSE Nifty 50 closed at 16450, falling 0.71%. Bank Nifty fell 1.46% on Friday, managing to close just above the 35,000 mark. Market is expected to open gap up and is likely to witness positive move during the day.

Economy: Japan's factory activity growth slowed in August, while that of the services sector shrank at the fastest pace since May last year, highlighting the increasingly heavy toll a recent wave of COVID-19 infections is taking on the economy. PMI fell to a seasonally adjusted 52.4 in August from a final 53.0 in the prior month.Overall orders and export orders increased, though the pace of growth was the slowest in seven months. Firms faced severe supply chain disruptions from a global semiconductor shortage

Canadian retail sales surged 4.2% in June from May, led by a strong rebound in demand for clothing and accessories, while July retail sales likely fell 1.7% British retail sales unexpectedly fell in July, suggesting at least some consumers skipped shopping to follow England's run in the Euro 2020 soccer tournament, or stayed at home due to rising COVID-19 cases.Retailers reported that the tournament - in which England reached the final - and bad weather kept shoppers away from stores. Sales volumes fell by 2.5% from June, the biggest drop since January when Britain returned to lockdown.

Commodities: Oil prices reversed out of a seven-day losing stretch on Monday as investors punted on crude at bargain levels, though lingering fears over how a surge in globalCOVID19 cases might affect fuel demand combined with a firmer U.S. dollar to limit gains. Gold prices inched lower on Monday as the dollar held near recent highs, although the losses were limited by growing concerns over the economic fallout from the spread of the Delta coronavirus variant.

Currency: The safe-haven dollar traded near its highest in more than nine months against major peers on Monday, while commodity currencies like the Aussie languished amid worries that the Delta coronavirus variant could derail the global economic recovery.

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