Share markets across Asia are expected to stay in the red after last week's tech bloodbath, as well as the shock announcement of US President Joe Biden bowing out of the presidential race in November. 

Reuters reported that investors are hoping that a key reading in US inflation would narrow the odds on a September rate cut. 

Bets, Markets Affected by Biden's Decision

Online betting site PredictIT revealed that pricing for a Donald Trump victory fell by $0.03 to $0.61 while bets for Vice President Kamala Harris, who would take over Biden's presidential campaign, rose by $0.11 to $0.38. Bets for California governor Gavin Newsom followed the two, trailing by $0.04. 

As for the markets, the S&P 500 stock futures edged up 0.3%, while Nasdaq futures increased by 0.5%. As for Treasuries, its 10-year futures also rose by three points, while its 10-year bond yields dipped 2 basis points to 4.22%.

Other global markets are projected to have an upward trend this week.

ANZ analysts said that Trump's rising poll results allowed markets to have favored positions and anticipate more trade barriers and a possible higher inflation. 

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Asian Markets Uncertain for This Week's Performance

In a separate report, Reuters revealed that the US dollar is expected to ease on Monday (July 22) due to Biden's weekend decision to stand down from the presidential race. 

On the other hand, the Chinese yuan (CNY) was not necessarily affected by its central bank's decision to cut back a key interest rate.

VCPost previously reported that Chinese President Xi Jinping provided comprehensive strategies to strengthen the finances of the country's local governments, some of them heavily indebted. 

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