International Market Overview 7 June 2022

Sharing our Daily Market Overview with you, ensuring that you do not miss out on any important market changes!

 

International Market Update

  • European equities advanced on Monday as international markets prepared for the release of key data from the U.S., including the latest inflation data. The pan-European Stoxx 600 closed up about 1%, Mining stocks rose 2.7% to lead gains, while most sectors and major bourses closed in positive territory. Attention in the UK also turned to domestic politics on Monday, where Prime Minister Boris Johnson survived a confidence vote by members of his Conservative Party amid growing dissatisfaction with his leadership.
  • U.S. stocks edged higher Monday as Wall Street tried to recover from a losing week and cope with a rise in Treasury yields. Amazon shares rose nearly 2% after a 1-for-20 stock split. Amgen and Salesforce each fell more than 1%, weighing on the Dow. Investors grappled with concerns that the Federal Reserve may raise interest rates too fast and too hard, triggering a recession. Recent comments from Federal Reserve policy-setting members suggest that rate hikes of 50 basis points – or half a percentage point – are likely at the June and July meetings. Meanwhile, the yield on 10-year Treasury bonds hit its highest level in nearly a month as investors sold bonds.
  • Stocks in the Asia-Pacific region struggled to find direction this morning as investors await the latest interest rate decisions from the Reserve Bank of Australia. Bank of Australia awaited its latest interest rate decision. Yesterday, the Wall Street Journal reported that. A Wall Street Journal report that Chinese regulators have concluded their investigation into ride-hailing giant Didi Global, as well as the easing of restrictions related to the domestic

 

In International News

 

South Africa says UAE arrests Gupta brothers wanted for corruption

South Africa said Monday that the United Arab Emirates has arrested brothers Rajesh Gupta and Atul Gupta.
Gupta arrested on charges of political corruption under former South African President
Jacob Zuma. The two countries ratified an extradition treaty in April 2021, but it was not immediately clear whether the arrests would lead to the brothers’ return to South Africa.
“Discussions between the various law enforcement agencies of the UAE and South Africa on the way forward are ongoing,” South Africa’s Department of Justice and Correctional Services said in a brief statement, adding that it would continue to cooperate with the UAE.

Elon Musk threatens to pull out of Twitter deal

Elon Musk has threatened to pull out of his $44 billion acquisition of Twitter. He accused the social media company of “thwarting” his requests to learn more about its user base. In a letter to regulators, Musk said he has the right to take his own measurements of spam accounts. The letter formalises a dispute that has been simmering for weeks after Musk declared the deal “on hold” pending more information. Twitter has defended its estimates. “As the future owner of Twitter, Mr. Musk clearly has a right to the requested data to prepare for the transition of Twitter’s business to his ownership and to facilitate the financing of the transaction. To do both, he must have a complete and accurate understanding of the core of Twitter’s business model – its active user base,” attorney Mike Ringler wrote in the letter.