European Shares Poised For Positive Opening
BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks look set to open on a positive note Tuesday as traders return to their desks after a long holiday weekend.
Asian markets are trading mixed as concerns that China is curtailing loan growth and worries over rising Covid-19 cases around the world offset hopes for a rapid economic recovery in the world s largest economy.
China is looking to rein in lending for the rest of this year to bring the housing boom under control, media reports suggest.
India is reeling under the second wave of Covid-19, while a third wave of deadly viral infection is now sweeping across Europe.
U.S. Futures Dip; Europe Stocks Climb to Record: Markets Wrap
Bloomberg 1 hr ago Robert Brand
(Bloomberg) American stock futures slipped, suggesting the rally that drove the S&P 500 to an all-time high may pause as concern China is curtailing loan growth tempered optimism stoked by the U.S. economic rebound.
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ViacomCBS Inc. fell in premarket trading along with other stocks linked to the Archegos Capital Management implosion after Credit Suisse Group AG took a 4.4 billion franc ($4.7 billion) writedown and was said to have unloaded more than $2 billion in block trades. The dollar edged higher and Treasury yields were steady. European stocks, meanwhile, rose to a record as markets reopened after Monday’s holiday across the region.
The invention of the bank note – or ‘paper money’ – can be accredited to the Chinese. The Chinese have now introduced their own digital Yuan, in what The Wall Street Journal describes as ‘a re-imagination of money that could shake a pillar of American power’. While Bitcoin and numerous other cryptocurrencies have previewed the future of digital currencies, China’s digital Yuan will be controlled by their central bank and be issued by them, too. A digital version of an established currency has benefits that cryptocurrencies like Bitcoin are lacking. ‘Cryptocurrencies such as bitcoin have foreshadowed a potential digital future for money, though they exist outside the traditional global financial system and aren’t legal tender like cash issued by governments’, writes James T. Areddy. However, unlike Bitcoin and its anonymity, the digital Yuan is expected to enable the Chinese government to further monitor people and the economy. – Jarryd Neves
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