In the new stock market week, financial markets will mainly monitor the negotiations on the US debt ceiling increase. Without political agreement, the US will run out of money on June 1. This will cause major financial unrest worldwide.
There was still hope on trading platforms last week that the parties would soon succeed in reaching an agreement. But on Friday, talks on the debt ceiling stalled after delegates could not agree. This weekend, President Joe Biden’s absence prevented further progress in the talks. Biden was in Japan to attend the G7 summit.
Also Read | No progress on US debt ceiling talks
European Central Bank (ECB) President Christine Lagarde declared on Sunday’s Buitenhof television program that it would be a “disastrous development” for the global economy as a whole if the Americans suddenly could no longer meet their payment obligations. According to him, the ECB is preparing for all kinds of scenarios. But he said he had “faith in the common sense” of American politicians.
Investors will continue to process the results of Ryanair and US chip group Nvidia in the coming days. A lot of macroeconomic data is also coming out again. This is followed by a second assessment of US economic growth. In the Netherlands, Statistics Netherlands (CBS) publishes updates on consumer confidence and investments.
Also Read | Republican negotiators walk out of meeting over debt ceiling
Tuesday is Shell’s annual shareholders’ meeting. It always attracts a lot of attention because it usually attracts many climate enthusiasts. Last year, the meeting was temporarily suspended in London due to climate change. Environmentalists chanted ‘shell must fall’ and some demonstrators clung to their seats.
Climate seems to be a major theme at the meeting again this year. Shell wants renewable energy industries to be more profitable and reduce CO2 emissions, a senior Shell executive said last week. Less successful components dealing with clean energy should be excluded.
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