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Market Review

US:

US stocks faced uncertainty as the quarter concluded, following a robust surge driven by speculation that the Federal Reserve may initiate rate cuts within the year.

Asia:

Most Asian markets declined Monday after data showed China's manufacturing activity struggled to come out of negative territory, raising concern about the world's second largest economy.

India:

India's benchmark stock indices closed higher on a weekly basis for the fourth consecutive week, marking their best month so far in 2024. However, on Friday, they snapped their four-day record run to end lower. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy: The U.S. Supreme Court's conservative majority trained its legal firepower this term on curbing federal regulatory authority, cementing its critical role in a longstanding effort by business interests and others to defang the administrative state. The court's sweeping rulings have limited the federal government's power to regulate everything from stock trading to pollution, even as the justices opted not to further curtail abortion rights or expand gun rights under the U.S. Constitution's Second Amendment ahead of the Nov. 5 presidential election. The court's nine-month term comes to an end on Monday. Marine Le Pen's far-right National Rally party scored historic gains to win the first round of France's parliamentary election on Sunday, exit polls showed, but the final result will depend on days of horsetrading before next week's run-off. The RN was seen winning around 34% of the vote, exit polls from Ipsos, Ifop, OpinionWay and Elabe showed, in a huge setback for President Emmanuel Macron who had called the snap election after his ticket was trounced by the RN in European Parliament elections earlier this month.

Commodities: Gold prices held steady in early Asian hours on Monday, buoyed by data that showed inflation in the U.S. subsided, boosting hopes that the Federal Reserve will start cutting interest rates this year. Oil prices edged up in early trade on Monday, supported by forecasts of a supply deficit stemming from peak summer fuel consumption and OPEC+ cuts in the third quarter, although global economic headwinds and rising non-OPEC+ output capped gains.

Currency: The euro rose against the dollar Monday on signs France's far-right would not win enough seats for an overall majority in legislative elections.

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