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Market Review

US:

US stocks closed with small gains on Friday. Indices suffered their biggest weekly percentage decline in two years as investors worried over the growing likelihood of a recession while global central banks tried to stamp out inflation. Nasdaq gained 1.43%, S&P closed higher by 0.22%, but Dow closed 0.13% lower.

Asia:

Shares in Asia-Pacific were mixed in Monday morning trade, as investors monitored market reaction to the release of China’s latest benchmark lending rates.

India:

Indian stocks continued its trend closing lower on Friday led by IT, Power, FMCG and Healthcare names. Metals and Banking names saw some buying at lower levels that reduced the blow on the indices. Market is expected to open on a flattish note and likely to witness volatile session during the day.

Global Economy:

Production at U.S. factories unexpectedly fell in May, the latest sign of cooling economic activity as the Federal Reserve aggressively tightens monetary policy to tame inflation. Slowing growth was indicated in other data showing a gauge of future economic activity declining in May for a third straight month. Other data this week showed a drop in retail sales last month as well as steep declines in homebuilding and permits. Weakness in manufacturing output also reflects a shift in spending from goods to services.

The Group of 20 (G20) major economies aims to raise $1.5 billion this year for a fund set up to better prepare for future pandemics, the health minister of current G20 president Indonesia. G20 countries have provisionally agreed to set up a multi-billion dollar fund that health officials have said will finance efforts like surveillance, research, and better access to vaccination for lower-to-middle income countries, among others.

Commodities:

Oil prices wobbled early on Monday as investors refocused on tight supplies, though sentiment was still fragile after 6% slump in the previous session amid concerns about slowing global economic growth and fuel demand. Gold prices were flat on Monday after declining in the previous session, as an elevated dollar continued to make greenbackpriced bullion less attractive for overseas buyers.

Currency:

The Japanese yen remained under pressure on Monday, weakening toward a 24-year low after the Bank of Japan on Friday bucked the trend in a week of massive central bank tightening to renew its commitment to ultra-easy policy.

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