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Market Review

US:

US equities closed lower on Friday, as President Donald Trump intensified his trade strategy. The S&P 500 fell 0.3%, with nine of the eleven sectors in the red.

Asia:

Asian equities are trading mixed on Monday, with benchmarks in Japan trading lower.

India:

The Indian benchmark equity indices continued to fall for the third straight session on Friday, dragged by share prices of HDFC Bank Ltd, Reliance Industries Ltd. and TCS. Market is expected to open on a negative note and likely to witness a range bound move during the day.

Global economy:

US President Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal. In an escalation of a trade war that has angered U.S. allies and rattled investors, Trump announced the latest tariffs in separate letters to European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum that were posted on his Truth Social media site on Saturday. The EU and Mexico, both among the largest U.S. trading partners responded by calling the tariffs unfair and disruptive while pledging to continue to negotiate with the U.S. for a broader trade deal before the deadline.

British finance minister Rachel Reeves will task regulators this week with lowering barriers to businesses seeking to cut their emissions, in a major speech she is to give to the financial services sector, a government source told Reuters on Monday. Britain’s Financial Conduct Authority, together with the Bank of England and the partly government-backed Green Finance Institute, will run a pilot project to assess where regulatory and other barriers exist to projects focused on enabling businesses with high carbon emissions to lower them.

Commodities:

Oil prices nudged higher, adding to gains of more than 2% from Friday, as investors eyed further U.S. sanctions on Russia that may affect global supplies, but a ramp-up in Saudi output and ongoing tariff uncertainty limited gains

Gold prices touched a three-week high on Monday, supported by safe-haven demand after U.S. President Donald Trump threatened to impose a 30% tariff on imports from the European Union and Mexico.

Currency:

The euro fell to a three-week low on Monday while the Mexican peso also came under pressure after President Donald Trump threatened to impose a 30% tariff on imports from two of the largest U.S. trading partners beginning Aug 1.

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