Europe, US trading higher
European benchmarks were higher Monday after most Asian markets retreated, while the price of bitcoin hovered near $20,000.
Tokyo: European benchmarks were higher Monday after most Asian markets retreated, while the price of bitcoin hovered near $20,000. In Asia, markets in Tokyo, Seoul and Shanghai settled lower, while Hong Kong ended with gains. European markets were trading in the green in mid-session deals. US futures advanced and oil prices fell back early Monday.
The price of the world's most popular cryptocurrency remained near the psychological benchmark of $20,000 after bouncing during the weekend. At one point, bitcoin plunged nearly 10 per cent to under $18,600, according to the cryptocurrency news site CoinDesk. As of 0500 ET (0900 GMT) Monday, it was at $20,650.56. France's CAC 40 gained 0.2 per cent to 5,893.20. Germany's DAX added 0.2 per cent to 13,150.16. Britain's FTSE 100 rose 0.5 per cent to 7,049.87. US markets are closed Monday for the Juneteenth holiday.
The futures for the Dow industrials was up 0.4 per cent, while that for the S&P 500 gained 0.5 per cent. As expected, China kept its 1-year and 5-year loan prime rates unchanged. Given China's struggle to bring outbreaks under control and its already faltering economy, "rate cuts in the coming months are still likely as we expect the economic recovery to be slow under the COVID-zero policy. After this rate pause, the government should hand out more fiscal stimulus," Iris Pang, chief economist Greater China at ING, said in a commentary. Japan's benchmark Nikkei 225 slid 0.7 per cent to finish at 25,771.22.
