European markets saw the revision Monday morning as investors digested news of potential rate cuts from the US Federal Reserve for the coming months. With the exception of the FTSE 100, the benchmark stock index has been immersed in negative territory, except for the FTSE 100, which remains closed due to bank closures in the UK.
Frankfurt’s DAX lost 0.4% shortly after the opening, Paris’ CAC 40 down 0.6%, Madrid Ibex 35 down more than 0.4%, and European benchmark STOXX 600 down 0.3% after 10.00 sesto.
At the same time, the euro fell slightly against the US dollar, with the exchange rate at 1.1707.
Shares of Danish energy company Orsted have looked at market outliers, losing more than 17% of its value in Copenhagen. This comes after the US administration suspended the company’s offshore wind farm construction project, known as Revolution Wind, on Friday, and issued an alarm among its investors.
meanwhile, Pete’s stocks are rising sharply Over 17% of news that Keurig Dr Pepper will buy a Dutch coffee company for 15.7 billion euros.
Trade in Asia followed our meeting
The move followed a hilarious trading session in Asia, followed by a Wall Street rally after stocks moved forward on Monday, suggesting that interest rate cuts could be ongoing.
Fed Chair Jerome Powell said he is aware of the risks to the labor market at his annual meeting held in Jackson Hole, Wyoming on Friday.
Surprisingly weak reports of employment growth this month have led many traders to expect cuts as soon as the Fed holds their next meeting in September after months of low pressure from US President Donald Trump.
Hong Kong’s Hang Sen index jumped 1.9% with the end, and the Shanghai Composite Index surged 1.5%. The latter has been trading at the highest level in a decade despite concerns over high tariffs on exports to the US under Trump and higher tariffs over weak domestic demand.
Tokyo’s Nikkei 225 won 0.4%, while Korea’s Cospi rose 1.3%.
“Asia is scheduled to rally in catch-up mode and will supply Wall Street’s Friday rebound after Powell opens the door to cut rates,” SPI Asset Management’s Stephen Innes said in the commentary.
In other deals on Monday morning, US benchmark crude rose 0.4% to trade at $63.92 per barrel at around 11.00 CEST, while international standard Brent crude added $67.39 per barrel to 0.25%.
The US dollar rose from 146.88 yen to 147.24 days.
Gold prices were 0.2% lower at $3,410 per ounce.
What are you looking for this week?
Nvidia’s revenue report is scheduled for Wednesday after the Wall Street closing market, attracting important attention this week.
The company’s role as a leading supplier of artificial intelligence chips, along with its heavy weight, has a major influence as a pioneer in a broader market.
In Europe, inflation numbers from France, Germany, Italy and other major European countries will be released on Friday.