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Market Review

US:

The Nasdaq and S&P 500 closed at record highs on Monday as stocks kicked off the final month of a banner 2024 on a high note.

Asia:

Asia–Pacific markets gained on Tuesday, taking cues from overnight moves on Wall Street.

India:

The Indian stock market ended in the green on Monday, sidestepping disappointing Q2 GDP data, as buying in heavyweight cement manufacturers and automakers lifted the indices. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

The International Monetary Fund's executive board has approved the third review of Ghana's $3 billion lending programme, unlocking the disbursement of about $360 million. Ghana's performance under the IMF-supported program has been generally satisfactory. All quantitative performance criteria and indicative targets for the third review were met.

The United States will send Ukraine $725 million of missiles, ammunition, anti-personnel mines and other weapons, as President Joe Biden's outgoing administration seeks to bolster Kyiv in its war with Russian invaders before leaving office in January. The assistance will include Stinger missiles, ammunition for High Mobility Artillery Rocket Systems, drones and land mines, among other items, Blinken said in a statement. Reuters reported last week that the Biden administration planned to provide the equipment, much of it anti-tank weapons, to ward off Russia's attacking forces. Moscow's troops have been capturing village after village in Ukraine's east, part of a drive to seize the industrial Donbas region, while Russian airstrikes target a hobbled Ukrainian energy grid as winter sets in.

Commodities:

Oil prices inched down amid mixed market signals on Tuesday, with traders awaiting the outcome of an OPEC+ meeting this week.

Gold prices edged higher on Tuesday, supported by growing expectations of a U.S. interest rate cut this month, as focus shifted to upcoming economic data for additional insights.

Currency:

The dollar was buoyant on Tuesday as political turmoil in France undermined the euro, while tariff risks and weakness in China’s economy pushed the yuan to a one-year low.

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