Global Markets Steady as Biden Exits Election Race, Tech Earnings in Focus

Global shares steadied on Monday following President Joe Biden's decision to drop out of the election race, endorsing Kamala Harris. Meanwhile, China's surprise rate cut failed to boost Asian markets. Key corporate earnings, including those from tech giants Tesla and Alphabet, are poised to dominate the week.

Global shares showed stability on Monday after President Joe Biden decided to bow out of the election race, evoking optimism in the markets. However, a surprise rate cut from China's central bank didn't significantly revive Asian markets. Biden announced his withdrawal on Sunday, endorsing Vice President Kamala Harris for the Democratic ticket.

Online betting site PredictIT showed a drop in the pricing for a Donald Trump victory while Kamala Harris saw an upswing. Markets responded positively, with S&P 500 stock futures up 0.5%, and Nasdaq futures climbing 0.8%.

The MSCI All-World index edged into positive territory, and the dollar held steady. Bitcoin, which saw highs last week, steadied. U.S. Treasuries strengthened, lowering yields on the 10-year note. Investors now focus on a packed week of corporate earnings from major tech players like Tesla and Alphabet, anticipated to show significant gains.