Market News

It's undoubtedly a huge week ahead and all eyes will be turning to the FOMC, BOJ and ECB meetings.

• Federal Reserve monetary policy decision: Wednesday, July 26

• European Central Bank policy meeting: Thursday, July 27

• Bank of Japan policy meeting: Friday, July 28

The key focus, however, will remain on the most anticipated Federal Reserve’s interest rate decision.

India and the UAE signed an agreement enabling the settlement of bilateral trade in rupees and dirhams instead of dollars. "This is a very important aspect of India-UAE cooperation. It paves the way for enhanced economic collaboration and will make international financial interactions simpler," - Indian Prime Minister Narendra Modi said.

This week's economic calendar is packed with important events which include the inflation data from UK and Eurozone and the retail sales data from US, UK and Canada. On the other hand, the second quarter earnings season is expected to be strong with sectors such as banking, entertainment and airlines likely to report the latest financial results.

This week all eyes are on the US June CPI report, as it will shape the Fed’s next move, particularly after the latest job market report. On the other hand, investors await the next round of earnings results. Q2 Earnings season kicks off this week and all eyes are on the largest U.S. financial institutions.

Shares of luxury electric vehicle (EV) maker Lucid Group (NASDAQ: LCID) surged more than 13% last week. The upside momentum was supported by two major announcements.