Biden's Exit Shakes Markets Globally Amid Technology Disruptions

European markets opened with gains as President Joe Biden announced his exit from the 2024 race, endorsing Kamala Harris. Asian shares faltered. Technological disruptions from a recent outage, which caused global issues, have been resolved. The People's Bank of China adjusted rates to counter economic slowdown.

European markets opened positively on Monday following President Joe Biden's decision to withdraw from the 2024 presidential race, a move that also saw him endorsing Vice President Kamala Harris. Despite initial concerns, US yields and the dollar showed resilience, suggesting investors anticipated this outcome.

Asian shares painted a mixed picture, with a notable slip in Japan's Nikkei 225 and gains in Hong Kong's Hang Seng. China's central bank unexpectedly slashed its benchmark loan prime rates in an effort to revive its slowing economy, following a disappointing growth report for the recent quarter.

The markets also saw recovery from a massive technology outage that disrupted global operations. Following a fix implemented by cybersecurity firm CrowdStrike, normalcy was restored. In commodity trading, Brent crude slightly rose, and the US dollar experienced minor fluctuations against the yen and euro.

(With inputs from agencies.)