European stocks moved steadily at the start of the week, while the French CAC 40 index fell 0.7%. This decline occurred after President Emmanuel Macron appointed a new cabinet that remained largely unchanged. This decision drew strong criticism from opposition parties and raised market concerns about political stability in France. Pictet Asset Management analyst Christopher Dembik said the market may not be calm for long. He said the future of Macron's government appears uncertain. New elections are possible, although Macron could also delay major changes until his term ends in 2027. In...
The Hang Seng fell for the second straight session on Monday, dropping 183 points or 0.7% to finish at 26,958. Trading was subdued due to a cautious mood ahead of a local break in Hong Kong on Tuesday, while mainland markets were still closed for the Golden Week. Sentiment was also weighed by political risks in Europe, following reports of the French Prime Minister's abrupt resignation. The decline was broad-based, led by the tech and consumer sectors, which each dipped around 1%. Notable losers included Galaxy Ent. (-3.1%), Techtronic Inds. (-2.8%), and Trip.com (-2.3%). EV stocks also...
US stocks were higher on Monday, with the S&P 500 up 0.3%, the Nasdaq gaining 0.5%, and the Dow Jones rising roughly 60 points, as AI-related partnerships continued to support investor sentiment. AMD shares soared more than 30% after the company reached a deal for OpenAI to deploy 6 gigawatts of AMD GPUs over multiple years, with AMD also issuing OpenAI a warrant for up to 160 million shares. Utilities, industrials, and tech were the top performing sectors while consumer staples and real estate lagged. Mega-cap stocks were mixed, with Microsoft (+0.8%), Alphabet (+0.8%), and Tesla...