China’s central bank cuts interest rates 

China's central bank lowered a key short-term policy rate on Monday to stimulate economic growth. This rate, which influences the cost of borrowing money for short-term loans, affects overall lending rates in the economy. The move comes after disappointing economic data from the second quarter and a major leadership meeting. China is dealing with issues like potential deflation, a property crisis, rising debt, and weak consumer and business confidence. Additionally, trade tensions are rising due to concerns about China's dominance in exports.

Biden drops out of 2024 presidential race

In a surprising turn of events, President Joe Biden announced on Sunday that he is withdrawing from the 2024 presidential race. Citing mounting pressure from within the Democratic Party, Biden endorsed Vice President Kamala Harris as the party's nominee. This move comes amid growing concerns about his ability to challenge former President Donald Trump in the upcoming election.

CrowdStrike software glitch causes global IT outage

A faulty software update from cybersecurity firm CrowdStrike disrupted nearly 8.5 million devices worldwide on Friday, causing a massive IT outage. The outage affected various industries, including banking, healthcare, and airlines. Flights were grounded, TV broadcasters went offline, and businesses scrambled to resolve the issue. Delta Air Lines cancelled 800 flights on Sunday and offered extra pay to crews to manage the fallout. CrowdStrike’s shares dropped 11% following the incident. 

Sources: reuters.com, cnbc.com, euroinvestor.dk