The US authorities filed a lawsuit against Facebook - what are the implications?
High-flying euro suppresses European equities
On Monday, the euro reached a 23-month peak versus an ailing greenback, putting pressure on equities of EU exporters before weaker-than-expected German business activity suppressed the common currency.
In Asian trade the euro hit $1.1684 before pulling back to $1.1648, tumbling 0.2% on the day. The common currency reached a minimum for the day of $1.1638 after preliminary data demonstrating that in July German private sector surged decreased more than expected.
The common currency’s strength helped to push the greenback – already suppressed by political uncertainty in Washington - to its lowest value in 13 months versus a basket of key currencies.
The common currency has ascended in recent weeks on hopes that the European Central Bank will get down to scaling back its bond-buying monetary stimulus scheme.
On Monday, European equities went down. The exporter-dominated German DAX index lost 0.2%, while the pan-European STOXX 600 index slumped 0.1%, having dropped 1% on Friday as the strong common currency put pressure on earnings.
Russian media companies are complaining that Youtube and Facebook block them. So sad. Now, what about the stock price?
Have you seen the Tesla stock price? But it has already dropped from that high... will it move up again?
The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
PMI reports from the EU, the UK, and the USA will be released during the day!