Nike has dropped to lows unseen since November of 2020 as it faces a boycott in China over Xinjiang's cotton issues.
European equities decline as geopolitical tensions put pressure
On Monday, European equities started lower because geopolitical tensions kept weighing on market sentiment, affecting demand for risk-related assets, including shares.
The EURO STOXX 50 lost 0.68%, Germany’s DAX 30 dived 0.52% and France’s CAC 40 sagged 63%.
Market participants were still cautious after last Thursday’s terrorist attack in Barcelona murdered up to 14 people and also injured 100 others.
Additionally, on Sunday North Korea warned that joint American-South Korean military exercises expected to burst out on Monday will add fuel to the fire of already tough tensions with Washington as well as its allies.
Political tensions in America were still in focus, reacting to Friday’s reports that senior White House advisor Steven Bannon had been sacked.
Financial stocks mostly lost because French lenders BNP Paribas as well as Societe Generale went down 1.39% and 1.04% respectively. Meanwhile, Germany’s Commerzbank and Deutsche Bank decreased 0.23% and 0.33% respectively.
Britain’s benchmark FTSE 100 tumbled 0.29%.
Chinese stocks were pressed by the US plans to kick them off US stock exchanges. Alibaba has already plunged by 4% in pre-market hours.
Bitcoin skyrocketed 5% after Tesla’s founder Elon Musk officially announced it will accept the cryptocurrencies as payment.
The Australian economy has been on a steady recovery path, and now we have a very symbolic confirmation that S&P ASX 200 is about to cross 7000!
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The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.