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Market Review

US:

Wall Street extended its rally on Friday, sending S&P 500 and Nasdaq to all-time closing highs as trade deal hopes fueled investor risk appetite and economic data helped solidify expectations for rate cuts from the U.S. Federal Reserve.

Asia:

Asia shares firmed on Monday as seemingly unquenchable demand for technology companies lifted S&P 500 futures to another all-time peak, while the dollar dipped on concerns U.S. jobs data will show enough weakness to justify larger rate cuts.

India:

Benchmark indices ended in the green for a fourth straight session on June 27, with Nifty 50 managing to touch a high of 25,650, powered by broad-based buying on hopes of extension of Trump tariff deadline and the possibility of a soonthan-expected US Fed rate cut. Market is expected to open on a flattish note and likely to witness a sideways move during the day.

Global Economy:

China’s factory activity improved for a 2 nd month but remained in contraction, as trade rebounds after the ceasefire in the tariff war with the US while weak domestic demand weighs on the economy. The official manufacturing purchasing managers’ index was 49.7 in June, vs 49.5 in May, slightly exceeding Bloomberg estimate. The non-manufacturing activity in construction and services rose to 50.5 from 50.3 in May. Japan’s industrial production rose less than expected in May, missing analysts’ estimates as the US tariffs hit the nation’s exports. Factory output increased 0.5% from the previous month. Economists had expected a 3.5% gain. Output fell 1.8% from a year earlier, missing expectations of a 1.6% rise. Manufacturers anticipate monthly production will gain 0.3% in June and decline 0.7% in July. Trump’s “big, beautiful” tax-cut and spending bill advanced in the Senate following a prolonged session over the weekend, with a non-partisan analysis estimating it would add $3.3 trn to national debt over the next decade. Senate Republicans voted to open debate on the bill in a narrow 51-49 vote, with all Senate Democrats and two Republicans voting against the bill. The weekend vote further advances the bill ahead of Trump’s July 4 deadline for the legislation to be passed.

Commodities:

Oil prices fell 1% on Monday as an easing of geopolitical risks in the Middle East and the prospect of another OPEC+ output hike in August boosted the supply outlook. Gold prices fell to their lowest in more than a month on Monday as easing trade tensions between U.S. and China dampened safe-haven demand and prompted investors to pivot toward riskier assets.

Currency:

The dollar wallowed near its lowest in nearly four years against the euro on Monday as market optimism over U.S. trade deals bolstered bets for earlier Federal Reserve interest rate cuts.

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