1) Macron wins second term as French president
Emmanuel Macron has won his second term as French president over far-right rival Marine Le Pen in the French presidential election Sunday. Macron won 58.6% to Le Pen’s 41.4%, which has a greater margin than expected. Macron’s win will make him the first French president in two decades to win a second term.
In the meantime, turnout was only just under 72%, marking the lowest level in a presidential run-off since 1969.
2) Bank of America says massive US outflows just getting started
Bank of America says massive US equity outflows are just getting started, even after nearly $20 billion withdrawal, the biggest weekly withdrawal from the funds since February 2018.
The bank added that the environment of extreme inflation and rates shock is just setting in as the Fed tightens monetary policy.
BofA predicted U.S. inflation this year at around 9% in Q4 and rises another 4% in 2023.
3) Chinese banks to cut deposit rate ceilings to support small companies
Two Chinese banks, Bank of China and Bank of Communications, will cut deposit rate ceilings for time deposits of two to three year tenors by about 10 basis points. The move came after regulators urged lower financing costs to support smaller companies.
4) Oil falls amid concerns of further lockdown in China
Oil prices plunged on Monday morning as concerns grow on lower oil demand after China is racing to control Covid-19 resurgence in Beijing, while Shanghai also further tightened restrictions despite weeks of lockdown earlier.
The international benchmark Brent crude fell 2.83% to $103.63 per barrel and West Texas Intermediate dropped 2.83% to $99.18 per barrel.
