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Market Review

US: U.S. market closed higher on Friday but off session highs, as a Tesla rally failed to galvanize the broader market on the eve of the Federal Reserve's policy meeting and inflation data next week.

Asia: Asian shares started tentatively on Monday as investors braced for central bank meetings from Europe, Japan and the United States this week, along with U.S. inflation data that will likely influence the Federal Reserve's monetary policy path.

India: Domestic benchmark stock indices declined for the second day after swinging between gains and losses through Friday. While PSU banks, fast moving consumer goods and I.T. sectors declined, realty and private banking shares were buoyant.

Market is expected to open with gap up and likely to witness positive move during the day.

Global Economy: Deposits and lending activity at commercial U.S. banks increased for the third-straight week in the week ended May 31, the latest data from the Fed showed, as the recovery from the fallout of the banking turmoil seen in the spring continues. Deposits at large U.S. banks rose $46.6 billion to $17.238 trillion from a week earlier, on a seasonally adjusted basis. Commercial bank lending increased $4.6B to a seasonally adjusted $12.139 trillion during the week.

Several Chinese commercial banks cut interest rates on a range of yuan deposits from Monday, following their larger peers in a coordinated move to ease pressure on profit margins. The deposit rate cuts follow a similar move by China's biggest state lenders on Friday and marks the second such industry-wide cut within a year, with previous action taken in September.

Commodities Gold prices fell slightly on Monday, sticking to a tight trading range seen over the past three weeks as markets turned cautious ahead of upcoming U.S. consumer inflation data and a Federal Reserve meeting.

Oil prices edged lower on Monday ahead of a Federal Reserve meeting as investors try to gauge the central bank's appetite for further rate hikes, while concerns about China's fuel demand growth and rising Russian crude supply weighed on the market.

Currency: The dollar held its ground on Monday but was still near multi-week lows against some of its major peers as traders were on guard ahead of central bank meetings this week, including the Federal Reserve's where it will announce its rates decision.

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