world share mixed; Bitcoin Holds Stable Near $20,000

European benchmarks were higher on Monday after most Asian markets retreated, while bitcoin price was nearing $20,000.

US futures rose and oil prices declined early Monday.

The price of the world’s most popular cryptocurrency held near the psychological benchmark of $20,000 after a surge during the weekend. At one point in time, bitcoin was down about 10% to just under $18,600, according to cryptocurrency news site CoinDesk.

As of 0500 ET (0900 GMT) on Monday, it was at $20,650.56.

France’s CAC 40 rose 0.2% to 5,893.20. Germany’s DAX rose 0.2% to 13,150.16. Britain’s FTSE 100 rose 0.5% to 7,049.87. US markets are closed on Monday for the June twentieth holiday. The future of the Dow Industrials was up 0.4% while that for the S&P 500 was up 0.5%.

As expected, China kept its 1-year and 5-year loan key rates unchanged.

Given China’s struggle to bring the outbreak under control and its already faltering economy, “rate cuts are likely in the coming months as we expect economic recovery under the COVID-zero policy.” will be slow. After this rate stagnation, the government should provide more fiscal stimulus,” Greater China’s Iris Pang, chief economist at ING, said in a commentary.

Japan’s benchmark Nikkei 225 slipped 0.7% to end at 25,771.22. Australia’s S&P/ASX 200 slipped 0.6% to 6,433.40. South Korea’s Kospi fell 2.0% to 2,391.03. Hong Kong’s Hang Seng rose 0.4% to 21,163.91, while the Shanghai Composite was down less than 0.1% at 3,315.43.

China and Japan, two of the world’s three largest economies, are not involved in raising interest rates, unlike the US Federal Reserve and central banks in many other countries. Concerns that the global economy could slip into recession if planners proceed too aggressively with interest rate hikes and other moves to tighten monetary policy have stoked stock prices amid massive support during the pandemic. After has overtaken the markets.

Last week, Japan’s central bank stuck to its zero interest rate policy despite concerns over a weaker yen.

The US dollar was trading at 134.76 Japanese yen, down from 135 yen late on Friday. Euro is priced at $1.0525, up from $1.0489.

Testimony on monetary policy by Federal Reserve Chairman Jerome Powell before the Senate Banking Committee and the House Financial Services Panel is scheduled for later this week.

Markets are gearing up for a world of high interest rates, led by the Federal Reserve’s moves. Higher rates can reduce inflation, but they also run the risk of slowing the economy down. They also hurt the prices of stocks, cryptocurrencies and other investments.

Last week, the Fed raised its key short-term interest rate to three times the normal amount for its biggest increase since 1994. It may consider another such major increase at its next meeting in July. A report on the US economy last week also showed industrial output was weaker than expected last month.

In energy trading, benchmark US crude was down 42 cents at $109.14 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, it fell by $ 7.26 to $ 107.99 a barrel. Internationally, Brent crude fell by $1.35 to $111.77 a barrel.

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