European stocks trade near record high as crypto volatility hogs the spotlight
European stocks edged up on Monday to near record territory as the market remained focused on volatility in the cryptocurrency space.
The Stoxx Europe 600 SXXP,
edged up 0.1% to 444.79, near the closing high of 445.39. The German and Swiss markets were closed respecting Whit Monday. ES00 American Equity Futures Contracts,
traded at $ 36,393 after dropping to $ 31,133 over the weekend.
“We have seen crypto come under criticism from billionaire Elon Musk, the Chinese national government and now even major religious institutions with the pope’s comments,” said David Grider, chief digital asset strategist at Fundstrat. “As a result, we have seen the normal selling pressure midway through the market cycle escalate to cause leveraged selloffs, a cascade of forced sells, a lot of fear and capitulation with Bitcoin now down by around. 50% from its record level.
stocks fell 0.1%. A Ryanair flight from Greece to Lithuania was forced to land in Belarus due to a suspected bomb threat, in which case the country arrested an opposition activist. The European Council said it would start discussing sanctions against Belarus following the incident.
Ted Baker TED,
Shares slipped, after the clothing retailer delayed its annual results, citing the consequence of the disruption caused by COVID-19 on audit processes. Ted Baker said 2020 results will be on target and reiterates financial targets for 2023.
IT services company Kainos KNOS,
rose 4%, after reporting a 122% increase in adjusted earnings per share on a 31% increase in revenue in the year ending March 31.