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Market Review

US:

The S&P 500 and the Nasdaq notched record high closes on Monday, lifted by Alphabet and other megacaps ahead of several earnings reports this week, while investors bet on potential trade deals to blunt economic damage from the Trump administration's global tariffs.

Asia:

Asia-Pacific stocks rose Tuesday, with Japanese stocks reopening higher after the ruling coalition lost its majority in the upper house over the weekend.

India:

Indian equity markets closed at the day’s high on Monday, supported by strong buying in banking heavyweights following robust quarterly earnings, even as broader market sentiment remained mixed amid key stock-specific moves. Market is is expected to open on a positive note and likely to witness range bound move during the day.

Global economy:

Smartphone shipments in China were down 2.4% for the second quarter compared with a year ago, Counterpoint Research said on Tuesday. Apple ‘s sales in China fell 1.6% year-on-year while Chinese mobile maker Huawei’s sales rose 17.6%, Counterpoint said in a press statement. Huawei, the top vendor had a shipment share of 18.1%, followed by Vivo, Oppo and Xiaomi Across the U.S., from California to the Gulf Coast, secondary and smaller ports are processing less trade as shippers readjust supply chain deliveries in a race against August tariff deadlines. Recent data on container volumes shows that while the nation’s busiest port, Los Angeles, has seen a sizable bump in traffic, that has come at the expense of trade activity for smaller ports, where there has been a reduction in scheduled services for imports, according to ITS Logistics’ monthly US Port/Rail Ramp Freight Index.

Commodities:

Oil prices declined on Tuesday due to concerns that the U.S.-EU trade war could curb fuel demand. Brent crude futures fell to $68.97 a barrel, while U.S. West Texas Intermediate crude dropped to $66.99. Market direction remains uncertain since the Israel-Iran conflict ceasefire, with rising supply from OPEC and allies adding to investor worries about the global economy. Gold prices surged to a more than one-month high, buoyed by a weaker dollar and lower Treasury yields, as investors anticipate progress in trade talks before the August 1 deadline. The European Union is considering countermeasures against the U.S. amid fading trade agreement prospects

Currency:

The dollar traded in a tight range on Tuesday after a brief fall at the start of the week, as investors watched out for any progress on trade talks ahead of an August 1 deadline for countries to strike deals with the U.S. or face steep tariffs.

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