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Market Review

US:

US stocks extended their slump on Friday as lingering chaos related to a global technical outage caused by a software glitch added uncertainty to an already-anxious market.

Asia:

Asian share markets rose on Monday as investors looked forward to a rate cut in Europe, and quite possibly Canada, as the next step in global policy easing, though sticky inflation threatens to make the process a drawn out affair.

India:

India's benchmark stock indices declined on Friday, weighed down by Reliance Industries and Tata Steel. Market is expected to open gap down note and likely to witness selling pressure during the day.

Global Economy:

China cut short and long-term rates by 10 basis points on Monday, with the central bank saying it was aiming to support growth. The move follows Beijing's release of a policy document on Sunday outlining its ambitions for the economy. The People's Bank of China cut rates on its seven-day reverse purchase agreements, leading to a similar drop in its loan prime rates (LPR), pulling bond yields down across the curve. British retail sales volumes fell by more than expected in June, after unseasonably cooler weather put off shoppers. Sales volumes dropped by 1.2% last month after a 2.9% jump in May, the Office for National Statistics said. While wages are now rising more quickly than inflation, British shoppers have been squeezed by high inflation over the past two years. It has slowed recently and held at the Bank of England's 2% target last month.

Commodities:

Gold prices rise slightly as dollar softens and market awaits U.S. interest rate decision. Investors eye economic data for clues on Federal Reserve's next moves. Asian gold demand remains subdued despite discounts. Political news: Biden steps down, endorses Kamala Harris. Oil prices rose in Asian trade on Monday, recovering some measure of recent losses on hopes of improving economic conditions in top importer China after the country unexpectedly lowered borrowing costs.

Currency:

The dollar eased on Monday in the initial reaction to U.S. President Joe Biden's decision to end his re-election campaign, clearing the way for another Democrat to challenge Donald Trump

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