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Market Review

US:

US stocks closed the week positively following encouraging economic data that strengthens expectations for a Federal Reserve rate cut in September.

Asia:

Asian stocks were mixed as the US dollar rose after the attempted assassination of Donald Trump reinforced bets that his chances of winning the presidential election have increased.

India:

The Indian benchmark indices recovered from a two-day decline to end sharply higher on Friday as information technology stocks soared after Tata Consultancy Services Ltd. surprised the market with its quarterly earnings. Market is expected  to open  gap up and likely to witness positive move during the day.

Global economy: 

China’s economy grew less than expected in the 2nd quarter, as weak consumption largely offset a fledgling recovery in manufacturing activity and industrial production. GDP grew 4.7% yoy in the three months to June 30. The reading was softer than expectations for growth of 5.1%, and slowed from the 5.3% seen in the first quarter. The reading indicated that the Chinese economy was cooling as the initial boost from a string of stimulus measures earlier this year wore thin. Soft consumer spending and a battered property market were key drivers of this downturn.  China's yuan-denominated exports to Russia grew 4.76% in June from a year earlier, faster than the 0.92% pace in May, but still much slower than double-digit export growth at the beginning of the yearChina's outbound shipments to Russia fell in March and April before swinging back to growth in May. Even though the United States imposed sanctions in June on the only Russian bank branch in China, President Vladimir Putin visited China in May and helped ensure the 2 countries have payment alternatives.

Commodities:

Oil prices fell for a second day on Monday as the dollar gained ground amid political uncertainty in the U.S. following an attack on Donald Trump while investors eyed the progress of talks for a Gaza ceasefire. Gold prices fell slightly in early Asian trade on Monday, remaining in sight of a record high but seeing few increases in safe haven demand after an alleged assassination attempt on former U.S. President Donald Trump.

Currency:

The dollar rose on safety bids on Monday in the wake of the attempted assassination of former U.S. President Donald Trump, which in turn left the yen struggling to stay afloat despite Tokyo's suspected intervention efforts. 

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