Global Markets Steady as Biden Bows Out and China Cuts Rates

Global markets stabilized on Monday after Joe Biden's decision to exit the presidential race and endorse Kamala Harris. A surprise rate cut by China's central bank had limited impact on Asian markets. U.S. stock futures slightly rose, while Bitcoin steadied at $67,230.

Global shares steadied on Monday, following President Joe Biden's announcement that he would not run for re-election, a move that injected optimism into the markets. However, a surprise rate cut by China's central bank did little to buoy Asian markets.

According to online betting site PredictIT, the likelihood of a Donald Trump victory fell by 4 cents to 60 cents, while Kamala Harris's prospects rose by 12 cents to 39 cents. U.S. stock futures saw modest gains, with S&P 500 futures up 0.1% and Nasdaq futures adding 0.2%.

The MSCI All-World index was narrowly positive after last week's significant drop. Meanwhile, Bitcoin, which had surged to six-week highs, steadied at $67,230. The U.S. earnings season will focus on corporate giants like Tesla and Alphabet, with tech and communication sectors expected to lead earnings growth.