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Market Review

US:

Markets from New York to London and Tokyo were battered. Nearly 90% of S&P 500 stocks were affected. The tech sector was hit hardest.

Asia:

Japan's benchmark bounced back from historic loss of Monday, while the currency lost some ground against the greenback after US futures rose.

India:

The Indian benchmark indices ended at over a month low on Monday as Reliance Industries Ltd. and HDFC Bank Ltd. declined. The NSE Nifty 50 ended 662.10 points or 2.68%, lower at 24,055.60, the lowest since June 28. The S&P BSE Sensex ended 2,222.55 points or 2.74%, down at 78,759.40, the lowest level since June 26. Market is expected to open gap up and likely to witness positive move during the day.

Global Economy:

U.S. services sector activity rebounded from a four-year low in July amid a bounce back in new orders and the first increase in employment in six months, which could help to quash fears of a recession that have been sparked by a surge in the unemployment rate last month and an ongoing stock market sell-off. The Institute for Supply Management (ISM) said on Monday that its nonmanufacturing purchasing managers (PMI) index increased to 51.4 last month from 48.8 in June, which was the lowest level since May 2020. Bahrain's economy grew 3.3% year-on-year in the first quarter of 2024, according to a quarterly economic performance report by the Ministry of Finance, citing preliminary data from the Information & eGovernment Authority. The Gulf state's non-oil gross domestic product (GDP) increased 3.3% in the period, contributing almost 85.9% to overall GDP, while oil GDP grew 3.4%, the report said, with accommodation and food services, and financial services and insurance among the top performing sectors.

Commodities:

Gold prices edged higher on Tuesday from multiweek lows after U.S. central bank policymakers did their best to reassure markets and highlighted the prospect of a September interest rate cut. Oil prices climbed more than $1 on Tuesday, paring the previous day's loss as concern that an escalating Middle East conflict could hit supplies outweighed fear of a possible U.S. recession that could hurt demand in the world's biggest oil consumer.

Currency:

The US dollar extended steep losses on August 6, and the Japanese yen went down 1 percent after a sharp rise in the previous session as traders contend with unwinding of popular carry trades and the prospect of deep rate cuts from the Federal Reserve.

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