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Market Review

US: Stocks were higher Monday with the Nasdaq Composite closing at a record, as Wall Street looked to maintain the strong momentum seen in the first half of 2024.

Asia: Markets in the Asia-Pacific region logged losses on Tuesday morning, ignoring overnight gains in US stocks as investors worried about outcome of the presidential election.

India: The Indian benchmark indices recouped losses from last session and closed at all-time highs on Monday, tracking gains in shares of HDFC Bank Ltd. and Infosys Ltd. Market is expected to open on a positive note and likely to witness range bound move during the day.

Global Economy: U.S. construction spending unexpectedly fell in May as higher mortgage rates depressed single-family homebuilding, and recovery is likely to be muted by improving housing supply. The Commerce Department's Census Bureau said on Monday that construction spending dipped 0.1% after an upwardly revised 0.3% increase in April. Economists polled by Reuters had forecast construction spending rebounding 0.2% after a previously reported 0.1% fall in April. Construction spending increased 6.4% year-on-year in May. Spending on private construction projects slipped 0.3% in May after rising 0.4% in the prior month. Investment in residential construction dropped 0.2% after surging 0.9% in April. Outlays on new singlefamily construction projects decreased 0.7%. Spending on multifamily housing was unchanged. Mortgage rates shot up in May, hurting homebuilder confidence, homebuilding and home sales. German inflation fell more than expected in June, resuming its downward trend after two consecutive months of increases and leaving the door open for another rate cut by the European Central Bank in September. Inflation eased to 2.5% in June, preliminary data from the federal statistics office showed on Monday, down from 2.8% in May and below the 2.6% forecast by analysts in a Reuters poll. Inflation figures for Germany and other major European economies suggest that euro zone inflation data - to be published on Tuesday - will also show a broad easing of price pressures. Headline inflation was pulled lower in June mainly by a drop in energy prices. Core inflation, which excludes volatile food and energy prices, fell to 2.9% from 3.0% in May.

Commodities: Gold price posts small gains early Tuesday, following a positive start to the Big week. Oil prices were little changed on Tuesday, holding near the twomonth highs reached in the previous session, on expectations for rising fuel demand from the summer travel season and possible U.S. interest rate cuts that could boost economic growth.

Currency: The U.S. dollar hovered near an almost 38-year high to the yen on Tuesday following a surge in Treasury yields as investors contemplated the potential for a second Donald Trump presidency.

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