European stocks are trading near record highs as crypto volatility hogs the spotlight
European stocks traded in a narrow range on Monday, near record territory, with the market remaining focused on volatility in the cryptocurrency space.
The Stoxx Europe 600 SXXP,
Hovered between gains and losses, near the closing high of 445.39. The German and Swiss markets were closed respecting Whit Monday. ES00 American Equity Futures Contracts,
traded at $ 36,546 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’ve seen the normal selling pressure mid-market cycle escalate to cause leveraged sell-offs, a cascade of forced sells, a lot of fear and capitulation with Bitcoin now down by around. 50% from its record level.
stocks fell 0.4%. 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.
Solutions 30 shares fell 66% as auditor EY refused to sign his annual report. EY stated that it was unable to obtain sufficient and appropriate evidence to support the nature, substance, value and compliance with laws and regulations of certain transactions and to determine whether these transactions were entered into with related parties, including with members of management. The IT services company said it was considering a new auditor and possibly delisting.
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.