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Market Review

US

The Dow Jones Industrial Average closed higher Friday, while other major benchmarks slipped on concerns about Federal Reserve policy in the face of rising inflation pressures.

Asia

Asian shares got off to a cautious start on Monday as investors anxiously awaited a key read on U.S. inflation this week for guidance on monetary policy, while Bitcoin took a hammering after China cracked down onmining and trading of the cryptocurrency.

India:

Markets made a strong come back after two days of losses with Sensex gaining 976 points to settle at 50,540.48, and Nifty settling at 15,175.30 points, up 1.8%. Sentiment was boosted by the steady fall in covid cases and expectations of sooner easing of lockdown. Market is expected to open gap down and likely to witness profit booking during the day.

Global Economy:

U.S. factory activity gathered speed in early May amid strong domestic demand, but backlogs of uncompleted work are piling up as manufacturers struggle to find raw materials and labor, boosting costs for both businesses and consumers. Though other data showed sales of previously owned homes dropping to a 10-month low in April as an acute shortage of houses drove prices to a record high, they remained well above their pre-pandemic level. The housing market and manufacturing have led the economy's recovery from the COVID-19 recession, which started in February 2020. Euro zone business growth accelerated at its fastest pace in over three years in May, but European Central Bank President said an uncertain recovery still needed emergency support from the ECB. After aslow start to vaccinations the pace is picking up, allowing some restrictions imposed to quell the spread of the coronavirus to be lifted, and a strong resurgence in the bloc's now-reopening service industry added to the impetus from a booming manufacturing sector.

Commodities:

Oil prices rose on Monday as a storm formed in the Gulf of Mexico and Iran said a three-month nuclear monitoring deal had expired, raising doubts about the future of indirect talks that could end U.S. sanctions on Iranian crude exports. Gold prices edged up on Monday, hovering near their highest in more than four months, as a weaker dollar and pullback in U.S. Treasury yields supported the safe-haven metal.

Currency:

The dollar stood near its lowest level in three months against a resurgent euro, struggling for traction as investors pared earlier bets the U.S. Federal Reserve may soon be ready to taper its stimulus.

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