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Market Review

US:

U.S. stocks slumped Friday, snapping a three-day winning streak, as some surprisingly weak quarterly updates from companies spooked investors.

Asia:

Shares in the Asia-Pacific region fell on Monday ahead of an important week in the U.S.

India:

Benchmark indices staged a one-way rally, surging nearly a per cent on Friday, despite tepid global cues. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

U.S. business activity contracted for the first time in nearly two years in July as a sharp slowdown in the service sector outweighed continued modest growth in manufacturing, painting a glum picture for an economy stunted by high inflation, rising interest rates and deteriorating consumer confidence. U.S. Composite PMI Output Index had tumbled far more than expected to 47.5 this month from a final reading of 52.3 in June. July's fall marked the fourth monthly drop in a row and was largely driven by pronounced weakness in the services sector index, which fell to the lowest since May 2020 at 47.0 from 52.7 a month earlier.

British retail sales edged down in June as drivers cut back on record-priced fuel, with consumers reducing shopping less than expected, though the trend remained weak as households struggle with surging inflation. Retail sales volumes fell by a smaller-than-expected 0.1% from May. The Bank of England is expected to raise interest rates for the sixth time since December on Aug. 4, potentially adding to the drag on economic growth.

Commodities:

Oil fell on Monday, reversing earlier gains but continuing a recent losing streak, on concerns that an expected increase in interest rates in the U.S., the world's biggest oil user, may limit fuel demand growth. Gold prices slipped on Monday, as an elevated dollar and prospects of an aggressive interest rate hike by the U.S. Federal Reserve this week dented demand for non-yielding bullion.

Currency:

The dollar was on a firm footing on Monday, as traders brace for a sharp U.S. interest rate hike this week and look for safety as data points to a weakening global economy.

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