After a global server outage which affected tens of thousands of users, Instagram resolved a techincal issue which according to the social media company, “caused some people to have trouble accessing Instagram.” Outage website downtetector.com showed over 100,000 incidents in the United States, more than 20,000 in Canada and above 56,000 in Britain.

MACROECONOMIC DATA ANALYSIS

Customs data from China unveiled that the Asian nation’s exports to North Korea surged in April when compared to year-on-year figures, noting wigs and fertilizers among major shipments. Chinese exports to North Korea propelled 69% in April from the same time last year to $166 million. Hair and wool used for wigs were worth around $11.6 million, and diammonium hydrogen phosphate exports quantified to $8.84 million.

Leaders of the Group of Seven forum which consists of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, have agreed to a fresh initiative towards countering economic coercion, while also pledged action to any actors attempting to weaponize economic dependence would face dire consequences. The initiative by the name of Coordination Platform on Economic Coercion, will utilize early warning and quick information sharing on economic coercion with members.

CURRENCIES

The U.S. dollar edged slightly lower to start the business week alongside major Asian currencies, with all eyes on the U.S. debt ceiling situation amid Federal Reserve chairman Jerome Powell presenting a less hawkish out look than projected. The dollar index, which tracks the greenback against other major currencies, inched 0.12% lower to 102.957.

GOLD

Gold prices weakened on Monday morning despite the dollar greenback also losing strength which typically boosts demand for the precious metal. Investors are traders are pessimistically-awaiting more cues from the Federal Reserve regarding future interest rate hikes. Gold futures edged 0.16% lower to $1,978 per ounce.

OIL

Oil prices plummeted on Monday morning, starting the week on a bleak note as market participants are growing more cautious and pessimistic over market conditions amid the U.S. debt ceiling talks and further interest rate hikes. Brent futures fell 0.99% to $74.83 a barrel while WTI futures were hammered by 1.09% to $70.94 per barrel.

INDICES

USA: S&P500 -0.14%, Dow Jones Industrial Average -0.33%, Nasdaq Composite -0.22%

Europe: FTSE 100 +0.19%, DAX +0.69% CAC 40 +0.61%

Asia: Nikkei 225 +0.90%, Hang Seng +1.60%, CSI 300 +0.63%, Nifty 50 +0.53%