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US indices retreat towards the end of the session erasing some of the early session gains. The US500 is trading flat at 5530 points, while at the opening the index was gaining as much as 0.45% above 5550 points. The US100 is trading even lower, exceeding the declines from the market open. At the time of publication, losing 0.80% to 19800 points.
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The semiconductor sector is the biggest loser on Wall Street. Nvidia and Broadcom are declining more than 4.00%. Other companies in the sector such as TSM and Qualcomm are also recording a red session.
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The European Commission has informed Apple that its App Store policy potentially violates the Digital Markets Act (DMA), in particular by restricting app developers from directing consumers to alternative shopping or content channels. This time, the potential fine could be up to 10% of the company's total global revenues, but is likely to be much lower.
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Austan Goolsbee, president of the Federal Reserve Bank of Chicago, expressed cautious optimism about cooling inflation in an interview with CNBC. He stressed that current inflation trends and economic indicators could potentially pave the way for a future interest rate cut.
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The dollar is one of the weakest G10 currencies today. The USDIDX index is down 0.25% to 105.200 points.
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European equity indices are recording gains at the start of the week. Germany's DAX gains 0.9%, France's CAC40 is up over 1% and the UK's FTSE 100 is up 0.5%.
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We are seeing increases today in shares of European car manufacturers, which have so far been heavily influenced by supply-side sentiment stemming from the risk of a tariff war between the EU and China. According to press reports, representatives of the EU and China will enter negotiations this week to find a solution to the customs issue. BMW gains 2.4% today, while Volkswagen and Mercedes-Benz each gain 1.6%.
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German business sentiment deteriorated in June. The Ifo index reading showed a decline to 88.6 points, compared to 89.3 points in May (the forecast was 89.4 points).
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Bond yields strengthened slightly today. US 10-year bond yields rose to around 4.25%, for German bonds we see a rise to 2.42% and Italian bonds are holding at 3.929%.
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In the cryptocurrency market, we are seeing a continuation of the panic. Bitcoin is trading down almost 6.0% and is testing the USD 60000 level at the time of publication. Ethereum declines slightly less, down 3.60% to USD 3290 and the total capitalization of altcoins recording declines of 1.58% to USD 575 billion.
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Declines on Bitcoin are accelerating following the announcement today that the Mt. Gox exchange will begin distributing assets stolen in the 2014 hack. The plan is to begin repayments in the first week of July 2024 and aims to satisfy the claims of around 127,000 creditors affected by the hack. The exchange moved 141,686 BTC (worth approximately US$9.62 billion) into new portfolios in May in preparation for these repayments.
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