European stock markets opened higher after US lawmakers passed a bill to raise the debt ceiling and cap government spending for two years. Mining stocks led gains, up 1.7%, while oil and gas climbed 1% ahead of the June 4 OPEC+ meeting. Global artificial intelligence revenue will reach $180 billion this year and grow to nearly $2 trillion by 2030, and it will be a key driver of semiconductor revenue, according to Morgan Stanley. Friday's jobs data will highlight the challenges the Fed faces heading into the June policy meeting, according to Joe Davis, chief economist at Vanguard.
European stock markets were up, with banks and tech stocks leading the gains. UBS shares rose 2.6% after the bank announced Sergio Ermotti would return as group CEO from April 5, following the recent acquisition of Credit Suisse. The move is expected to rebuild trust in the banking sector. However, doubts remain for investors regarding the overall health of the banking sector and the global economy.
European stock markets fell on March 24 on renewed fears that the banking crisis could rear its ugly head once again. Although the banking crisis has been positive for Bitcoin’s (BTC) price, the trend may pause if the contagion spreads. During times of panic, traders sell assets to curtail risk. At that time, if Bitcoin does not break below the $25,000–$20,000 support zone, it will suggest that the bear phase is over. Litecoin (LTC) is making a strong comeback, while Ethereum (ETH) rose above the overhead resistance of $1,842 on March 23, but the bulls could not sustain the breakout as seen from the long wick on the candlestick.
European stock markets opened lower on Monday, with the pan-European Stoxx 600 index down 0.6% and financial services falling 3.3%. Banks were 2.6% lower after UBS agreed to buy Credit Suisse for $3.2 billion, causing Credit Suisse shares to plunge 60% and UBS to fall 9.2%. The combined bank will have $5 trillion of invested assets. The Swiss National Bank said the deal would secure financial stability and protect the Swiss economy.
