Shares in Europe remained steady on Monday, as Chinese technology stocks surged, while European long-dated bonds faced heavy pressure, according to Reuters.
Europe’s broad STOXX 600 index gained 0.1 per cent, initially boosted by improved manufacturing data, though the positive momentum eased later in the day. In Asia, Chinese tech giant Alibaba saw its Hong Kong shares jump 18.5 per cent following a report that artificial intelligence drove a surge in revenue for its cloud business.
US share futures edged higher as investors prepared for a week packed with US economic data, including manufacturing and services surveys, labour market reports, and the August payrolls report scheduled for Friday. Analysts are watching closely, as any shifts in employment could influence the Federal Reserve’s policy on interest rates.
In Europe, German 30-year bond yields hit a 14-year high of 3.38 per cent, while benchmark 10-year yields rose three basis points to 2.76 per cent, reflecting global fiscal concerns. The euro strengthened 0.25 per cent to $1.1711 amid the higher yields, while gold climbed to a four-month high of $3,489.5 an ounce. Oil prices also edged up, supported by supply disruptions from Russia-Ukraine tensions and concerns over U.S. tariffs.
Political developments in France remained in focus, with Prime Minister Francois Bayrou set to hold talks with political parties ahead of a confidence vote next week, creating uncertainty in European markets, Reuters added.
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