News

Regulators alleged that Amazon’s price caps limit the visibility of merchants’ products and interfere with their freedom to set prices.

Uber said Monday that Pierre-Dimitri Gore-Coty, the company’s senior vice president of delivery, is stepping down from his position.

Reuters had this report on the response from the EU to Trump’s move to double tariffs.

In brief, the European Commission announced on Monday that it will push hard this week for the United States to scale back or scrap tariffs, despite Donald Trump’s pledge to double duties on steel and aluminium imports to 50%.

European Trade Commissioner Maros Sefcovic is set to meet U.S. Trade Representative Jamieson Greer at an OECD event in Paris on Wednesday, while Commission officials will also hold talks with their U.S. counterparts in Washington during the week.

Link here to the Reuters report for more detail.

Sefcovic

This article was written by Eamonn Sheridan at www.forexlive.com.

A call between President Donald Trump and China’s Xi Jinping could help deescalate trade tensions that have grown increasingly heated in the past week.

New York Times with the report that:

• Trump administration to eliminate federal protections banning drilling and mining in Alaska wilderness

NYT conveying the news from earlier on Monday:

• The Bureau of Land Management will issue a proposed rescission of a Biden-era rule that banned drilling on nearly half of the National Petroleum Reserve-Alaska (NPR-A), reverting to regulations in place prior to May 7, 2024.
• Reverting to previous regulations would open up 11 million acres to drilling as well as removing conditions — such as considering Indigenous knowledge and solidifying protections for sensitive ecological areas — on oil and gas leases in the reserve.

This article was written by Eamonn Sheridan at www.forexlive.com.

Neuralink is building a brain-computer interface, or BCI, which is a system that translates brain signals into commands for external technologies.

The major US indices erased earlier declines and are closing higher on the day led by the NASDAQ index which is closing up 0.67%. At session lows, the index was down -128 points or -0.67%.

A snapshot of the closing levels shows:

• Dow industrial average rose 35.41 points or 0.08% at 42305.48
• S&P index rose 24.25 points or 0.41% at 5935.94
• NASDAQ index rose 128.85 points or 0.67% at 19242.61

The small-cap Russell 2000 rose 3.877 points or 0.19% at 2070.16.

Some of the big gainers today included:

• Chewy (CHWY): +4.88% to $47.46

• Micron (MU): +3.94% to $98.18

• Meta Platforms (META): +3.65% to $671.12

• AMD (AMD): +3.54% to $114.65

• ARK Genomic Revolution (ARKG): +3.44% to $21.64

• Roblox (RBLX): +3.41% to $89.95

• SoFi Technologies (SOFI): +2.93% to $13.69

• Super Micro Computer (SMCI): +2.91% to $41.19

• Robinhood Markets (HOOD): +2.77% to $67.98

• Broadcom (AVGO): +2.74% to $248.71

Some of the biggest losers included:

• First Solar (FSLR): -5.36% to $149.60

• Ford Motor (F): -3.95% to $9.97

• General Motors (GM): -3.87% to $47.69

• Stellantis NV (STLA): -3.55% to $9.78

• Rivian Automotive (RIVN): -2.89% to $14.11

• Adobe (ADBE): -2.83% to $403.35

• ProShares UltraPro Short QQQ (SQQQ): -2.32% to $23.18

• Alphabet A (GOOGL): -1.55% to $169.07

• Salesforce Inc (CRM): -1.49% to $261.41

• Paramount Global B (PARA): -1.24% to $11.95

• Tesla (TSLA): -1.09% to $342.69

This article was written by Greg Michalowski at www.forexlive.com.

more to come

Bank of England Member of the Monetary Policy Committee Catherine Mann takes part in the Fireside chat at the Federal Reserve Board of Governors IF 75th anniversary conference, Washington DC. Rising inflation numbers in the UK are weighing on marekt expectations of further Bank of England rate cuts. Ears open if Mann refers to this.

Later we’ll have meeting minutes from the most recent Reserve Bank of Australia meeting, back in May, when the Bank cut its cash rate again:

• RBA cut rates as expected, AUD falls on 50 bps debate

Later still is the private survey manufacturing PMI from China for May. On the weekend we got the official PMIs, manufacturing improved from April but remained in contraction:

• China May Manufacturing PMI rose to 49.5 (prior 49.0), Non-manufacturing 50.3 (prior 50.4)

Chinese and New Zealand markets reopen today after a holiday monday.

• This snapshot from the ForexLive economic data calendar, access it here.
• The times in the left-most column are GMT.
• The numbers in the right-most column are the ‘prior’ (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.

This article was written by Eamonn Sheridan at www.forexlive.com.

Good morning, afternoon and evening all. Any charts, technical analysis, trade ideas, thoughts, views, ForexLive traders would like to share and discuss with fellow ForexLive traders, please do so:

This article was written by Eamonn Sheridan at www.forexlive.com.

Robinhood will keep Bitstamp’s operations intact for now, using the exchange for smart order routing and expanding its presence across Europe, the UK, and Asia.