Global markets update: European shares fall, led by technology and bank stocks

The pan-European STOXX 600 index ended 0.1% lower.

Germany’s DAX fell 0.2% at 15,952.73. France’s CAC 40 declined 0.2% at 7,303.81 points.

Spain’s IBEX lost 0.1% after Prime Minister Pedro Sanchez unexpectedly called a snap national election.

Swedish real estate group SBB shares climbed 2.6% from record lows.

Stock markets in the United States, the UK and several European countries were closed on Monday.

In Asia, stock markets wobbled on Monday after the news of US debt limit deal.

Hong Kong’s Hang Seng index fell 1% at 18,551.11. China’s Shanghai Composite added 0.3% at 3,221.45.

Japan’s Nikkei 225 rose 1% at 31,233.54.

Markets in Thailand, Taiwan and Philippines were in the green.

Australia’s S&P/ASX 200 index closed 0.9% higher at 7,217.4 points. New Zealand’s benchmark S&P/NZX 50 index rose 0.9% at 11,935.65. 

Canada

Canada stocks surged on Monday as energy and financial shares gained.

The Toronto Stock Exchange’s S&P/TSX composite index closed higher 47.64 points, or 0.2%, at 19,967.95.

Oil prices

Crude oil prices rose in volatile trade on Monday.

Brent crude futures closed up 12 cents, or 0.2%, at $77.07 a barrel. US West Texas Intermediate crude gained 25 cents, or 0.3%,at $72.92 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, are due to meet on June 4.

US debt deal

After weeks of wrangling, US President Joe Biden and House Speaker Kevin McCarthy finalised a compromise deal on Sunday and urged Democrats and Republicans to approve it before the government runs out of cash on June 5.

Both Biden and McCarthy said they are confident the bill will pass a House vote scheduled for Wednesday before moving to the Senate.

Analysts said the debt deal would allow investors to turn their attention back to the economy, inflation and Federal Reserve monetary policy. 

Updated: 30 May 2023, 01:09 AM IST