U.S. President Joe Biden announced his withdrawal from the 2024 presidential race, endorsing Vice President Kamala Harris.
Traders return to the markets after machines running Microsoft's Windows operating system crashed Friday due to a glitch in an update issued by cybersecurity company CrowdStrike. Shares of CrowdStrike plunged 11% on Friday. China’s loan prime rate will be releases later in the day, with the one- and five-year LPR expected to be unchanged, according to economists polled by Reuters.U.S. President Joe Biden had dropped out of the presidential raceeach to 3.35% and 3.85% respectively, surprising markets as economists were not expecting any change. The People's Bank of China will alsoA survey by Reuters last week showed that 64% of all respondents expected both the one-year and five-year LPR to stay unchanged.
The one-year LPR acts as the benchmark for most corporate loans, and the five-year LPR serves as a reference rate for mortgages.late last week. Machines running Microsoft's Windows operating system crashed Friday due to a glitch in an update issued by cybersecurity companyThis week, investors will be looking out for GDP data from South Korea and the U.S., as well as factory activity data from around the region. South Korea and the the U.
On Wall Street, all three major indexes retreated on Friday and U.S. stock markets wrapped up the week defined by a rotation out of this year's mega cap winners in favor of smaller names.