Overview

• President Trump signed an executive order imposing new 10–41% reciprocal tariffs on dozens of trading partners after his temporary pause expired.
• U.S. payrolls rose by only 73,000 in July with May and June totals revised down by 260,000, boosting the market-implied odds of a Fed cut in September to about 80%.
• OPEC+ agreed over the weekend to raise oil output by 547,000 barrels per day starting in September, intensifying pressure on crude prices and growth forecasts.
• U.S. stock futures climbed around 0.7% Monday as investors stabilized positions following last week’s global equity sell-off.
• With equities in risk-off mode, investors are focusing on this week’s Federal Reserve and RBI policy meetings, upcoming Q1 corporate earnings and fresh India-U.S. trade negotiations for direction.