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Market Review

US:

Stocks closed lower Monday as the market failed to sustain the momentum that sent the Dow Jones Industrial Average to a record high at the end of last week.

Asia:

Asia markets mostly fall, dollar drops and gold rises as Trump fires Fed Governor Lisa Cook.

India:

Indian equity markets ended Monday’s session with steady gains, supported mainly by strong buying in IT stocks and positive global cues. Market is expected to open on a flattish note and likely to witness range bound move during the day. Market is expected to is expected to open on a negative note and likely to witness negative move during the day.

Global economy:

British shop prices rose this month by the most since March last year, potentially adding to the Bank of England’s worries about how long the country’s high inflation problem is likely to last. Shop prices rose by 0.9% compared with August 2024, driven by a jump of 4.2% in food prices, the biggest since Feb last year, the British Retail Consortium said.

Sales of new U.S. single-family homes fell in July following a sharp upward revision to the prior month’s sales pace, and the overall trend remained consistent with a housing market struggling in an environment of high mortgage rates. The report from the Commerce Department on Monday bolstered economists’ expectations that the housing market slump could persist through the end of the year. Though mortgage rates have eased on expectations that the Federal Reserve would resume cutting interest rates in September, they continue to outpace wage growth, pushing home ownership beyond the reach of many

Commodities:

Oil prices slightly decreased on Tuesday, following a nearly 2% surge in the previous session, as traders closely monitor the Russia-Ukraine conflict's potential impact on fuel supplies.

Gold prices saw an increase, reaching a two-week high. This happened as the dollar weakened.

Currency:

U.S. dollar drops, while Japanese yen and gold strengthens after Trump fires Fed Governor Cook.

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