In European Equity Markets the pan-European Stoxx 600 finished up 0.31%. Chemicals and Basic Resources sectors performed well on average while Banks, Travel & Leisure and Technology fell. Shares of German semiconductor manufacturer Infineon Technologies fell 8% after it announced a deal to acquire U.S.-based Cypress Semiconductor Corporation. German digital payments company Wirecard saw its stock climb 3.1% after its CEO Markus Braun tweeted that the company was “steering towards an outstanding first half year of 2019.”
In Currency Markets the U.S. dollar was trading near one-week lows against a currency basket on Monday, with the yen and the Swiss franc, seen as safe havens in time of uncertainty, gaining ground as global trade tensions escalated. The dollar was down 0.1% against the Swiss franc to 0.9991 and was at 108.35 against the yen after brushing a four-month low of 108.08 overnight. The yen is considered a safe haven asset in times of geopolitical and financial turmoil as Japan is the world’s biggest creditor nation.
In Commodities Markets oil prices steadied on Monday, supported by Saudi Arabia’s comments indicating OPEC and its allies would continue to tighten the crude market following deep losses last week. Concerns that U.S. tariffs on Mexico would dent crude demand limited gains. Front-month Brent crude futures gained 1 cent to $62.00 a barrel. Prices fell by more than 3% on Friday, with May recording the biggest monthly loss in six months. U.S. West Texas Intermediate (WTI) crude futures rose 32 cents to $53.82 a barrel.
In US Equity Markets the S&P 500 and Dow ticked higher on Monday, propped up by healthcare stocks, but steep losses in shares of internet giants Alphabet and Amazon kept the tech-heavy Nasdaq in the red. Alphabet Inc fell 6.4% after sources told Reuters the U.S. Justice Department is preparing an investigation of the Google-parent to determine whether the company broke antitrust laws in operating its online businesses. The S&P 500 was up 0.28%, at 2,759.72; and the Nasdaq Composite fell 0.40%, at 7,423.24.
In Bond Markets a flight to safe-haven assets pushed U.S. Treasury yields to their lowest levels since September 2017 on Monday. Yields on U.S. two-year notes are on track for their biggest two-day fall since 2008, while U.S. benchmark 10-year Treasury yields earlier hit 2.071%, their lowest level since September 2017. German government bond yields fell to an all-time low. Market uncertainty has sent investors fleeing for safety.