Time is up, what's next? After a year of the UN-brokered deal allowing Ukraine to export grain through the Black Sea, Russia suspended its participation, hours after its bridge to Crimea was hit in a blast. The grain deal pause raises concerns about global food security and price inflation, especially in Africa. Ukraine said it would seek ways to continue exports without Russia, aided by the UN and Turkey. The bridge blast limits Moscow's ability to supply its forces in southern Ukraine, where Ukraine is pursuing a counteroffensive.

EQUITY

U.S. stocks rose on Monday as investors expect strong corporate earnings reports this week, but global shares were fairly unchanged after data showed slower than expected economic growth in China. China's GDP grew 0.8% in the second quarter, below forecasts, indicating its post-COVID economic boom is over. In the U.S., inflation remains above the Fed's 2% target but has slowed, brightening the earnings outlook for companies like Tesla, Netflix, and banks that report results this week. 

GOLD

Gold prices held steady near one-month highs above $1,950 an ounce as a weak dollar kept the metal supported. But gains stalled as uncertainty continued over whether the Fed would keep rate hikes paused at its meeting next week with inflation remain sticky. While dollar weakness benefits gold, unclear Fed policy limits the metal's gains for now.

OIL

Oil prices steadied after recent losses as markets bet slower Chinese growth would spur more stimulus, though focus remained on U.S. inventory data due this week, expected to show a mild stockpile decline. While crude imports may stay strong, China's fuel demand struggles to recover amid slowing business activity.

CURRENCY

Asian currencies were stuck in tight ranges as weak Chinese growth weighed, while focus turned to upcoming U.S. data for monetary policy cues. The euro touched a 17-month high against the dollar, while sterling was hovering close to a fresh 15-month peak against the greenback. The yuan remained pressured after weak growth spurred bets on more Chinese stimulus.