London, England – European stocks opened on a mixed note as the week commenced. The Stoxx 600 index started 0.06% lower in London at 8:05 a.m. Major indexes like France’s CAC 40 and the U.K.’s FTSE 100 hovered near the flatline, while Germany’s DAX saw a slight increase of 0.2%.
In India, the Sensex and Nifty 50 indexes hit new all-time highs driven by a surge in metal stocks like Tata Steel and JSW Steel. The Sensex reached 74,614.71, up 0.5% from its previous record, while the Nifty rose 0.45% to 22,612.5, surpassing its previous high set in April.
China’s central bank announced a $70 billion “re-loan” program to support small and medium-sized tech enterprises in their technological innovation and transformation efforts. The program, which uses funds from the People’s Bank of China lent to commercial banks, will offer loans at a rate of 1.75% and can be extended twice for up to a year each time.
Shimao, a Chinese real estate development firm, is facing a liquidation lawsuit after receiving a winding-up petition from China Construction Bank (Asia). This development comes on the heels of similar lawsuits against other property companies like Evergrande and Country Garden Holdings.
Bank of America economists are expecting a moderation in price pressures in Wednesday’s inflation report, providing confidence to the Fed for a potential rate cut in June. The core consumer price index is projected to decrease to 0.2% in March, with declines in car prices leading to a drop in core goods prices and a rise in energy prices.
Elon Musk announced that Tesla is set to unveil its robotaxi later this year, causing the company’s shares to jump 3.8% in after-hours trading. Musk’s long-anticipated robotaxi project has yet to materialize, with Tesla still working on developing autonomous technology for their vehicles.