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Market Review

US:

Market advanced in Thursday’s trading session, with the Dow Jones, Nasdaq, and S&P 500 all posting gains following the release of strong US jobs data by the Labor Department. Markets remained closed on Friday in observance of Independence Day.

Asia:

Market posted modest moves at the open as investors awaited progress on trade deals with the US ahead of the July 9 deadline imposed by President Donald Trump.

India:

Benchmark indices broke a two-day losing streak to settle higher on Friday but on a weekly basis the Nifty 50 and Sensex declined over 0.75%. Market is expected to open on a flattish note and likely to witness a range bound move during the day

Global Economy:

Trump said on Sunday that the U.S. was nearing multiple trade agreements and will begin notifying partners of impending tariff increases by July?9, with the new rates set to take effect on Aug?1. Treasury Secretary Bessent told CNN’s “State of the Union” the administration plans to send letters to around 100 smaller trading partners. Those countries that fail to finalize agreements by Aug?1 would see tariffs revert to the steep levels initially announced on April?2. Also, Trump said that countries that are aligned with the BRICS bloc will face an additional 10% tariff over their allegedly antiAmerican practices.

Vietnam’s economy grew at a faster pace in the second quarter of this year led by strong exports, in an encouraging sign just days after Trump said he would place lower-than-threatened 20% tariffs on many Vietnamese products. Concerns over the Southeast Asian manufacturing hub’s outlook had been growing in the run up to the trade deal announced on Wednesday, particularly as the US is Vietnam’s biggest export market.

Canada’s services economy contracted at a steeper pace in June as uncertainty generated by U.S. trade policy depressed activity and cost pressures increased, S&P Global’s Canada services PMI data showed. The headline Business Activity Index fell to 44.3 last month from 45.6 in May, marking the seventh straight month the index has been below the 50 threshold. A sub-50 reading indicates contraction in the sector.

Commodities:

: Oil prices slipped more than 1% on Monday after OPEC+ surprised markets by hiking output more than expected in August, raising concerns about oversupply. Gold prices dropped after U.S. President Donald Trump signalled progress on multiple trade agreements and announced extended tariff reprieve for several countries, dampening demand for the safe-haven metal

Currency:

The dollar hovered near its lowest since 2021 against the euro and the weakest since 2015 versus the Swiss franc on Monday, with traders alert for any trade-related headlines in the countdown to President Donald Trump's tariff deadline.

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