European equities were lower on Monday after French President Emmanuel Macron called for a snap election over the weekend.
The French leader’s decision came after his party lost heavily to Marine Le Pen’s right-wing National Rally group in the EU elections.
Macron has now dissolved parliament and is set to begin campaigning for national elections.
In a statement, he said, “I will… not be able, at the end of this day, to act as if nothing had happened.”
Should Macron lose the parliamentary battle to Le Pen, he will be at risk of having limited authority over domestic agendas until his presidency ends in 2027.
Citibank Anticipates First Fed Cut in September
Citibank predicts that the Federal Reserve will move to cut rates in September following recent economic data.
In a statement, the U.S. investment bank said, “We now expect 75bp of total cuts this year in September, November, and December.”
This comes as the national rate of unemployment rose to 4%, despite non-farm payrolls exceeding expectations.
They added, “But the jobs report does not change our view that hiring demand, and the broader economy, is slowing and that this will ultimately provoke the Fed to react with a series of cuts beginning in the next few months.”
XAUUSD rebounded from a 5-week low to start the week, reaching a peak of $2,312 earlier today.
Nvidia Shares Rebound Following 10-1 Stock Split
After opening in the red, shares in Nvidia were higher on Monday after the company completed its stock split.
Following Friday’s close at $1,208.88, the world’s second-largest company opened at $120.88 today.
This means that an owner of 1 share would have received 10 under the new agreement.
The move has been made in order to make it easier for newer retail traders to invest in the growing chipmaker.
As of writing this, the stock is up 1.28%.
In this business, if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten.
peter lynch
