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Market Review

US:

Global shares pushed higher on Friday, adding to weekly gains, after encouraging U.S. economic data helped soothe fears of a recession in the world's largest economy.

Asia:

Asian markets mostly rose Monday following last week’s strong performance, with traders focused on a closely followed meeting of central bank chiefs where the Federal Reserve’s Jerome Powell is due to deliver a key speech.

India:

Benchmark equity indices ended with weekly gains after two consecutive weeks of losses. Both the Nifty and Sensex recorded their highest closing since Aug. 2 on Friday as shares of financials and technology companies led the gains. Market is expected to open gap up and likely to witness positive move during the day.

Global economy:

Israel’s economy grew less than expected in the second quarter of 2024, extending a period of volatility since the start of war in Gaza, but the weakness is likely not enough to prompt a central bank rate cut next week given rising inflation. The Central Bureau of Statistics said in an initial estimate on Sunday that GDP grew by an annualised 1.2% in the April-June period. Overall growth was led by gains in consumer spending (12%), investment in fixed assets (1.1%) and government spending (8.2%), offsetting an 8.3% decline in exports.Firstquarter GDP was revised to 17.3% annualised from a prior estimate of 14.4%, bouncing back from a contraction of 20.6% in the fourth quarter of 2023. Over the first half of 2024, Israel's economy grew 2.5% at an annual rate versus 4.5% in the same period in 2023, according to the statistics bureau. U.S. single-family homebuilding dropped to a 16-month low in July, likely weighed down by Hurricane Beryl and an oversupply of new houses as higher mortgage rates and prices depress sales. The fifth straight monthly decrease in homebuilding reported by the Commerce Department on Friday suggested the housing market remained subdued at the start of the third quarter.

Commodities:

Oil prices eased in early Asian trading on Monday as fears of weaker demand in top oil importer China weighed on market sentiment while investors focus on the progress of ceasefire talks in the Middle East, which could reduce supply risks. A softer dollar combined with lower bond yields to help gold hold at $2,506 an ounce, and near an all-time peak of $2,509.69.

Currency:

The U.S. dollar was struggling to make headway against its peers on Monday, though it traded in a tight range as investors awaited fresh catalysts this week that could offer clues on the outlook for U.S. interest rates.

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