Oil prices sink nearly 7% and world shares gain as Chinese chipmaker CXMT soars in Shanghai debut
Summary
Global stock markets mostly rose while oil prices dropped nearly 7% on Monday as tensions eased between the U.S. and Iran over a possible ceasefire. Chinese chipmaker CXMT’s shares surged over 460% on their Shanghai stock market debut, making the company China’s most valuable listed firm.Key Facts
- Oil prices fell about 7%, with Brent crude dropping to $85.49 a barrel and U.S. crude to $83.06.
- The price drop followed a pause in attacks between the U.S. and Iran amid talks about stopping fighting.
- World stock markets showed gains: Germany’s DAX up 1.6%, Paris’s CAC 40 up 0.8%, and Britain’s FTSE 100 up 0.5%.
- Asian markets rose too, including Japan’s Nikkei 225 (+0.5%), South Korea’s Kospi (+1%), and Hong Kong’s Hang Seng (+1%).
- CXMT, a Chinese memory chip company, debuted strongly on Shanghai’s tech board with shares rising 466%.
- This rise made CXMT China’s most valuable publicly traded company, valued at around 3.3 trillion yuan ($490 billion).
- U.S. futures were up in early trading, with the S&P 500 and Dow Jones futures both increasing by about 1%.
- The Nasdaq slipped 0.6% due to losses in large tech companies like Micron Technology and Broadcom.
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