London, United Kingdom – European stocks showed a positive trend on Monday as they opened higher. The Stoxx 600 index was up by 0.5% at 8:05 a.m. London time. The FTSE 100 in the U.K. rose by 1.1%, while France’s CAC 40 and Germany’s DAX also saw increases of 0.5% and 0.7%, respectively.
In contrast, safe haven assets experienced a retreat as concerns about a wider conflict in the Middle East diminished. Bitcoin traded at $65,713.97, with most Asian equity markets, especially Hong Kong’s Hang Seng Index, seeing gains. The Japanese yen, a safe haven asset, weakened slightly to 154.7, while the price of spot gold slipped to $2,369.58 per ounce. Oil prices, initially affected by news of an Israeli strike against Iran, also fell, with Brent crude futures down to $86.65 and U.S. West Texas Intermediate futures trading at $82.44.
China’s central bank chose to keep its one- and five-year loan prime rates unchanged at 3.45% and 3.95%, respectively. These rates are crucial benchmarks for most household and corporate loans, as well as property mortgages. The decision aligned with expectations from a Reuters poll, with China’s CSI 300 index showing a 1.9% gain the previous week.
Following a decrease in first-quarter deliveries, Tesla globally reduced the prices of its cars. The starting price of the Model 3 in China was lowered by 14,000 yuan to 231,900 yuan. Similar price cuts were also observed in Germany, with the Model 3 rear-wheel-drive now priced at 40,990 euros. Tesla confirmed price reductions in various countries across Europe, the Middle East, and Africa.
Bitcoin maintained a price close to $65,000 following its recent halving event. While the cryptocurrency has historically seen price increases after halving, experts suggest the potential for near-term downside. Futures for key contracts opened higher in New York, with Dow futures briefly up by 100 points.
In a review of the previous week, the S&P 500 and Nasdaq Composite both experienced declines, with the Dow showing a slight gain. These fluctuations underscore the ongoing volatility in the global financial markets.
