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Market Review:

US

The Dow Jones Industrial Average rose on Friday by 0.7% boosted in part by strong earnings from Nike, which also scored a breakout on Friday. Blue chips led the major indexes, while the Nasdaq composite traded choppily near break-even. Meanwhile, the small-cap Russell 2000 index was nearly flat.

Asia:

Stocks in Asia-Pacific were mixed in Monday morning trade. Meanwhile, official data showed that China’s industrial profits for May slowed.

India:

Markets started the July F&O series with impressive gains on Friday as hefty buying in metals, financials, and pharma sectors lifted indices for the second day. The Nifty PSU Bank index closed 2.7% higher on the National Stock Exchange (NSE) amid renewed privatisation buzz and fund-raising by banks. That apart, the Nifty Metal index zoomed 2.5% after Russian government said it is preparing new export taxes from August 1 for steel products, nickel, aluminium and copper which will cost their producers $2.3 billion. Overall, the frontline S&P BSE Sensex index added 226 points, or 0.4%, to settle the session at 52,925 levels while the Nifty50 index shut shop at 15,863-mark, up 73 points or 0.5%. Market is expected to open on a flattish note and likely to witness sideways move during the day

Global Economy:

Profit growth at China's industrial firms slowed again in May as surging raw material prices squeezed margins and weighed on factory activity. Profits at China's industrial firms rose 36.4% in May from a year earlier to 829.92 billion yuan ($128.58 billion). That was a slowdown from the 57% surge reported in April. Profits grew rapidly in the metals, chemicals and petroleum sectors, while smaller and downstream enterprises saw much more pressure.

Commodities:

Oil prices climbed to highs last seen in October 2018 on Monday as the United States and Iran wrangled over the revival of a nuclear deal, delaying a surge in Iranian oil exports, while investors eyed the outcome of the OPEC+ meeting this week. Gold prices inched higher on Monday, as the dollar eased and tamer-than-expected U.S. inflation data allayed fears of an early monetary policy tightening by the Federal Reserve.

Currency:

The dollar held firm on Monday after slightly softerthan-expected U.S. inflation did little to chip away investors' conviction that the Federal Reserve could tighten monetary policy if consumer price pressures continue to intensify.

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