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Market Review

US:

US stocks soared on Friday, pushing the Dow Jones Industrial Average to its first closing record this year, after a speech by Federal Reserve Chair Jerome Powell led traders to boost wagers on an interest-rate cut as soon as next month.

Aisa:

Asian equities gained at the open on Monday, tracking Wall Street’s rally, after Federal Reserve Chairman Jerome Powell opened the door to resuming interest rate cuts.

India:

The Indian market ended lower on Friday, halting a sixday winning run, as investors turned cautious ahead of Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole symposium and braced for fresh U.S. tariffs on Indian goods, amid other headwinds weighing on sentiment. Market is expected to open on a positive note and likely to witness positive move during the day.

Economy:

Mexico’s economy grew 0.6% in the second quarter from the previous three-month period, INEGI said on Friday. The data came in slightly below INEGI’s preliminary estimate published last month and forecasts from economists in a Reuter’s poll, both of which pointed to a 0.7% expansion. Growth in the quarter was fueled by secondary and tertiary activities, respectively covering manufacturing and services, which rose 0.7% and 0.8% on a sequential basis.

Canada’s retail sales rose as expected in June as shoppers bought more food and beverages, indicating a rebound from a slump the month before. Retail sales in June increased by 1.5% on a monthly basis to C$70.25 bn ($50.49 bn) compared with a contraction of 1.2% in May, adding that sales increased by a similar rate in volume terms as well. However, excluding sales at automobiles and parts dealers, retail sales rose 1.9%, beating the poll forecast of 1.1%. In a flash estimate - often prone to changes - Statscan projected that retail sales in July would fall 0.8%.

Commodities:

Oil prices edged higher on Monday after Ukraine stepped up attacks on Russia, fanning concerns Russian oil supply could be disrupted, while expectations of a cut in U.S. interest rates buoyed the outlook for global growth and fuel demand.

Gold prices edged lower on Monday as the dollar crept higher, while increased U.S. interest rate cut expectations following a dovish pivot from Federal Reserve Chair Jerome Powell lent support to bullion

Currency:

The U.S. dollar attempted on Monday to pull itself up from a four-week low on the euro after a dovish pivot from Federal Reserve Chair Jerome Powell sent it tumbling more than 1%

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