Global stock markets stabilize as banking shares rebound while gold prices slump

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21 days · 9 summary articles
Global stock markets showed signs of stabilization on Monday, 29 June 2026, as banking stocks led a tentative rebound following a four-day correction, while gold prices slumped nearly 25% from 2025 peaks amid rising US interest rate expectations and a stronger dollar. The Athens Stock Exchange surged 1% on bank shares, pushing Coca-Cola HBC to a record €21 billion valuation , but broader European indices remained mixed as sterling weakened after UK inflation eased.
Morgan Stanley warned of mounting risks of a quarter-end deleveraging event due to tightening liquidity conditions , while US tech stocks steadied after last week’s Nasdaq losses, with AI-related equities showing tentative signs of recovery. Markus Koch reported that the AI-trade appeared to be stabilizing . The yen hit a 40-year low against the dollar , adding pressure on Asian exporters and fueling concerns over currency volatility.
Gold’s decline accelerated, falling below $4,000 per troy ounce for the first time since 2023, as central banks’ aggressive buying spree from 2023-2025 showed signs of reversing. Analysts cited expectations of higher US rates and reduced geopolitical risk premiums as key drivers . The World Gold Council’s Q1 2026 data confirmed that reserve accumulation had slowed, with emerging markets diversifying away from dollar-denominated assets amid trade tensions and sanctions risks.
In corporate news, Microsoft’s stock slumped toward its worst monthly performance since 2000, erasing over $570 billion in market value in June alone . Meanwhile, self-driving software firm Momenta launched a $752 million Hong Kong IPO, valuing the GM-backed company at nearly $9 billion . In Spain, telecom operator Digi announced plans to list up to 25% of its capital at a €1.7 billion valuation, backed by the Domínguez de la Maza family .
European mortgage holders faced further strain as the Euribor rate stabilized at 2.801% in June, up from 2.081% a year ago, adding €700 annually to a €150,000 variable-rate mortgage . Analysts attributed the stagnation to the European Central Bank’s preemptive rate hikes, with further easing dependent on inflation trends and Fed policy.
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