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LONDON/NEW YORK, July 22 - An index of global shares steadied on Monday as investors weighed President Joe Biden's decision to end his re-election bid at the weekend, while a surprise rate cut by China's central bank failed to boost Asian markets.
"I think largely the Biden bailing out was priced in; we just needed definitiveness on that," said Lou Basenese, president and chief market strategist at MDB Capital in New York."Now you're seeing the Trump trades, more risk taking, and small caps, going long oil and gas, and Bitcoin really returning to the market," he added.
On Wall Street, the benchmark S&P 500 index , was trading higher led by gains in technology stocks. Nvidia , was up nearly 3%, buoyed by news it is working on a new AI chip for the Chinese market. U.S. Treasuries were little changed as markets assessed the uncertainly surrounding the race for the White House, with yields on benchmark U.S. 10-year notes adding 0.4 basis points to 4.243%. Markets are fully pricing in the prospect of a rate cut by the Federal Reserve in September, which has helped underpin risk appetite. .
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