The inflation in the UK fell to 0.5% in May – the lowest in nearly four years, the Office for National Statistics said in a statement. The core CPI eased to 1.2%, versus 1.3%. "Global prices for crude oil fell sharply from the beginning of 2020 before recovering throughout May, albeit to levels well below the start of the year," the ONS noted. Meantime, during the European session, Euro CPI for May released at-0.1%, same as forecast.
Important Wall Street earnings today: Oracle Corporation (NYSE: ORCL) and Groupon (NASDAQ: GRPN) will post earnings after the market closes on Tuesday. Oracle estimated to report quarterly earnings at $1.20 per share on revenue of $10.90 billion. While Groupon expected to report quarterly earnings at $0.08 per share on revenue of $380.22 million.
The British pound dropped to two week low of 1.2455 on Monday due to worries Brexit negotiations between Britain and the EU making no progress. Last week, both the EU and UK announced some progress in the negotiations, but no details were presented.
The dovish comments from Federal Reserve and growing fears of a second wave of coronavirus infections sent the global markets tumbling Thursday, pulling the Dow Jones Industrial Average down more than 1,800 points, its worst day since March. The S&P 500 posted its worst loss since March after three consecutive days of losses.
Tesla’s stock price climbed above $1,000 on Wednesday, bringing the market capitalization to $188 billion. The stock boosted after the company revealed an internal memo that signalled increased production of its electric Semi trucks. “It’s time to go all out and bring the Tesla Semi to volume production,” said CEO Elon Musk in the memo.