GLOBAL NEWS:

UNITED STATES

The U.S. Federal Reserve, facing fresh demands by President Donald Trump to cut interest rates, is expected to leave borrowing costs unchanged at a policy meeting this week but possibly lay the groundwork for a rate cut later this year.

INDIA

India, the largest importer of U.S. almonds, imposed higher retaliatory tariffs on 28 U.S. products including almonds, apples and walnuts from Sunday. Total trade between the two countries stood at about $142.1 billion in 2018.Higher Indian tariffs on U.S. goods could impact growing political and security ties between the two nations.“India putting retaliatory tariffs on U.S. is leading to a fear that it might escalate into a trade war between the two countries.

JAPAN

Japan's government is set to tap Yoshiki Takeuchi as vice finance minister for international affairs, its top foreign exchange diplomat whose duties would include arranging any currency interventions, sources with knowledge of the matter told Reuters on Monday.

ASIA

Asian shares wobbled near one-week lows on Monday as investors turned cautious ahead of a closely-watched Federal Reserve meeting, while political tensions in the Middle East and Hong Kong kept risk appetite in check.

GOLD

Gold prices inched up on Monday ahead of the Federal Reserve’s latest monetary policy meeting due later this week.In general, gold benefits from lower interest rates that lower the opportunity cost of holding the non-yielding bullion.

CRUDE OIL

Oil prices gained on Monday in Asia amid Middle East tensions. Attacks on two oil tankers in the Gulf of Oman were cited as providing continuing support to the oil markets. Prices had jumped as much as 4.5% on Thursday following the news. The U.S. blamed Iran for the attacks, as Secretary of State Mike Pompeo said it was “unmistakable” that Iran was responsible for the hit.