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In the U.S., stocks rose Monday as the indexes aim to rebound from a week of losses on the heels of strong May jobs data that affirmed Federal Reserve officials were likely to continue sharpening monetary conditions.
The S&P 500 was up 1%, and the Dow Jones Industrial Average gained 200 points, or 0.6%. The tech-heavy Nasdaq advanced 1.7%.
Oil prices are rose on Monday following announcements of a price hike from Saudi Arabia for its crude sales. According to Saudi state oil producer, Aramco, the official selling price for its flagship Arab Light crude to Asia will be going up to a $6.50 premium in July. This is a notable jump from its previous selling price of $4.40 in June. As a result of all this, Brent crude futures hit an intraday high of $121.95 earlier today. At the same time, U.S. West Texas Intermediate crude futures peaked at $120.99 per barrel, a three-month high. This comes after a 1.7% gain on Friday last week.
New car registrations plummeted by 20.6% in May as ongoing supply chain shortages continued to damage the automobile industry.
124,394 units were made, which was the second lowest May in 30 years, SMMT said.
The market, which cannot keep up with pent-up demand, was reported to be approximately a third below pre-pandemic levels of 2019.
The FTSE 100 was up 96 points at 7,629, showing no worries that prime minister Boris Johnson is set to face a confidence vote from the parliamentary Conservative party.
Four-day work week trials began on Monday, with at least one FTSE 100 company participating, as working from home during the pandemic changed people’s perspective on office life.
Over 3,000 employees from 70 companies will work a shorter week for the same pay until December as the dynamics of working life in Britain may be set to change forever.
The six-month nationwide pilot scheme has been named the largest four-day trial in the world.
Asian markets are setting the tone with recoveries in Hong Kong and Japan after the roller coaster in the US on Friday with the non-farm payroll numbers.
China announced a further easing of restricitons in Beijing over the weekend, which is seeing some Asian equity markets and US futures trading in positive territory.
Other glimmers of relief are that officials in Washington are considering a selective removal of tariffs on Chinese imports to aid the inflation fight.
