On Monday, July 8th, the unexpected results of the second round of French elections resulted in no political party obtaining an absolute majority, causing the bond market to be suppressed. European stocks rose collectively, with the STOXX 50 index rising nearly 1%. The Wall Street is bullish and Taiwan Semiconductor continued to hit new highs in pre-market trading.
The three major US stock index futures were weak. Dow Jones futures rose 0.0%. S&P 500 index futures fell 0.05%. Nasdaq futures fell 0.07%.
European stocks rose across the board with the STOXX 50 index rising 0.9%, Italy's FTSE MIB rising over 1%, France's CAC 40 index rising 0.9%, and German and Spanish stock markets both significantly rising.
The unexpected results of the second round of French elections resulted in no political party obtaining an absolute majority and a "suspended parliament". France's financial concerns have increased.
Analysis believes that "suspended parliament" means a politically fragile government, and serious parliamentary divisions mean that in the current high fiscal deficit, any government will find it difficult to pass necessary budget cuts. The left's proposals, which are the least popular in the market, include canceling retirement reforms and increasing the minimum wage and other expansionary policies.
In pre-market trading, Taiwan Semiconductor rose 3.38% and its stock price hit a new historical high.
According to analysts from multiple Wall Street investment banks, due to the sustained tension in the global high-end wafer foundry, Taiwan Semiconductor is expected to raise its full-year sales expectations in the financial report to be released next week.
ASML Holding rose 1.6% in pre-market trading.
Intel rose 0.81%. Tesla fell 0.78%. Nvidia fell 0.4%.
The bond market was weak, and the 10-year US bond yield rose three basis points intraday, while the 10-year German and British bond yields rose slightly.
The US dollar maintained its half-month decline.
The EUR/USD exchange rate remained basically unchanged.
Gold fell, with the intraday decline expanding to 0.7%.
Crude oil fell back, with Brent crude falling 0.6% intraday and US crude falling 0.8%.
Bitcoin rebounded, rising over 2% intraday.
