Global shares stabilized on Monday following President Joe Biden’s decision to end his re-election bid and endorse Vice President Kamala Harris for the Democratic ticket. The MSCI’s gauge of global stocks rose 0.39%, recovering from a 2.1% decline last week. Investors also digested China’s unexpected short-term rate cut, which failed to boost Asian markets significantly.
“The Biden exit was largely priced in; now we’re seeing Trump trades returning to the market,” said Lou Basenese, MDB Capital’s chief market strategist. The dollar gained 0.13%, while Bitcoin steadied after Sunday’s drop. On Wall Street, the S&P 500 rose 0.57%, led by tech stocks, with Nvidia up nearly 3%. European stocks also saw gains, with the STOXX 600 up 0.93%.Oil prices fell for a second consecutive session, with Brent crude futures down 0.54%. Gold prices dropped to a one-week low, with spot gold losing 0.54%. Investors now turn their attention to a busy week of corporate earnings and the Federal Reserve’s upcoming policy review.
