Europe stocks open higher
An Hour Ago
European stocks opened higher Monday, with the benchmark Stoxx 600 index up 0.5% by 8:05 a.m. London time. The U.K.’s FTSE 100 climbed 1.1%, while France’s CAC 40 was 0.5% higher and Germany’s DAX was up 0.7%.
Safe haven assets retreat as fears of wider Middle East conflict recede
4 Hours Ago
Prices of risk assets jumped while safe haven asset prices fell on Monday as fears of a broader Middle East conflict subsided. Bitcoin was up 1.56% to trade at $65,713.97, according to Coin Metrics, as most Asian equity markets rose, led by Hong Kong’s Hang Seng Index. The Japanese yen, considered a safe haven asset, weakened marginally to 154.7, while prices of spot gold slipped 0.87% to $2,369.58 per ounce. Oil prices, which initially spiked on news that Israel had carried out a strike against Iran, also fell. Brent crude futures were down 0.73% at $86.65 on Monday, while U.S. West Texas Intermediate futures were lower by 0.84%, trading at $82.44.
– Lim Hui Jie
China leaves loan prime rates unchanged
7 Hours Ago
China’s central bank left its one- and five-year loan prime rates unchanged at 3.45% and 3.95%, respectively on Monday. The one-year LPR is seen as the peg for most household and corporate loans, while the five-year LPR is the benchmark for most property mortgages. The decision was in line with a Reuters poll which expected both rates to stay unchanged. China’s CSI 300 index gained 1.9% last week.
– Shreyashi Sanyal
Tesla cuts prices globally after deliveries fall in first quarter: Reuters
8 Hours Ago
Electric vehicle giant Tesla slashed prices of its cars globally after its first-quarter deliveries fell for the first time in nearly four years. Reuters reported that the company cut the starting price of its Model 3 in China to 231,900 yuan ($32,000), a reduction by 14,000 yuan. In Germany, Reuters reported the price of the Model 3 rear-wheel-drive was also cut to 40,990 euros ($43,670.75) from 42,990 euros, where the price had been since February. Checks by CNBC showed that the China and Germany sites reflected the updated prices. There were also price cuts in many other countries in Europe, the Middle East, and Africa, a Tesla spokesperson told Reuters.
– Lim Hui Jie, Reuters
Bitcoin trading near $65,000 after halving
9 Hours Ago
The price of bitcoin was little changed on Sunday evening, hovering near $65,000. That is close to where the largest cryptocurrency on Friday before its so-called “halving,” which slows the issuance of bitcoin by reducing the rewards for miners. The price of bitcoin has risen in between each prior halving, but some experts say there could be near-term downside for the cryptocurrency.
– Jesse Pound, Tanaya Macheel
Futures open higher
10 Hours Ago
The three key futures contracts rose when trading opened at 6 p.m. in New York. Dow futures were briefly up 100 points.
– Jesse Pound
Last week in review
10 Hours Ago
Here’s where the key averages stand after Friday’s decline in tech:
- The S&P 500 fell 0.88% on Friday, its sixth negative session in a row.
- The S&P 500 closed the week down 3.05%.
- The Nasdaq Composite fell 2.05% on Friday, its sixth negative session in a row.
- The Nasdaq Composite finished the week down 5.52%.
- The Dow gained 211 points, or 0.56%, on Friday, its second positive session in a row.
- The Dow closed the week up 0.01%.
– Jesse Pound, Christopher Hayes
