TOKYO (AP) — European benchmarks were higher Monday after most Asian markets retreated, while the price of bitcoin hovered near $20,000.
U.S. futures advanced and oil prices fell back early Monday.
The price of the world’s most popular cryptocurrency remained near the psychological benchmark of $20,000 after bouncing during the weekend. At one point, bitcoin plunged nearly 10% to under $18,600, according to the cryptocurrency news site CoinDesk.
As of 0500 ET (0900 GMT) Monday, it was at $20,650.56.
France’s CAC 40 gained 0.2% to 5,893.20. Germany’s DAX added 0.2% to 13,150.16. Britain’s FTSE 100 rose 0.5% to 7,049.87. U.S. markets are closed Monday for the Juneteenth holiday. The future for the Dow industrials was up 0.4% while that for the S&P 500 gained 0.5%.
As expected, China kept its 1-year and 5-year loan prime rates unchanged.
Given China’s struggle to bring outbreaks under control and its already faltering economy, “rate cuts in the coming months are still likely as we expect the economic recovery to be slow under the COVID-zero policy. After this rate pause, the government should hand out more fiscal stimulus,” Iris Pang, chief economist Greater China at ING, said in a commentary.
Japan’s benchmark Nikkei 225 slid 0.7% to finish at 25,771.22. Australia’s S&P/ASX 200 slipped 0.6% to 6,433.40. South Korea’s Kospi dropped 2.0% to 2,391.03. Hong Kong’s Hang Seng edged up 0.4% to 21,163.91, while the Shanghai Composite was little changed, inching down less than 0.1% to 3,315.43.