European Stock Markets Close Lower Amidst Uncertainty
European stock markets began the week with declines as investors pondered the consequences of the attempted assassination of former US President Donald Trump during a rally over the weekend.
The overall European stock index Stoxx 600 closed 1% lower, with all sectors and major exchanges in the red, as reported by CNBC.
Image: Alex Kraus/Bloomberg
The shares of Burberry fell by 16% after disappointing first quarter results led the company to change its CEO and reduce its dividend.
Meanwhile, the stock price of Swatch Group dropped by 9.8% as its profits declined due to slowing sales in China.
Asian-Pacific markets were also in retreat on Monday, as China’s GDP data did not meet expectations.
However, trading on Wall Street started strong, with the Dow Jones blue chip index rising.
Stock Market Hits Record Highs Amid Political Uncertainty
The Dow Jones Industrial Average and the broader S&P 500 reached new record highs, despite the political turmoil in the United States.
Analysts believe that the attempted coup on Saturday increases the likelihood of Trump returning to the White House, which could give American stocks a short-term boost. Cryptocurrencies and related assets were also supported by the so-called “Trump victory trade”.
On Sunday, President Joe Biden addressed the nation from the White House, condemning all political violence and calling for unity. Meanwhile, Trump stated that his speech at the National?
The Republican Party Congress shifts focus to national unity
The upcoming Republican Party Congress will now be centered on promoting national unity, rather than targeting Joe Biden’s policies. This change in focus reflects a desire to bring the country together and move past divisive political tactics.