Renowned billionaire Elon Musk is scheduled to meet Emmanuel Macron in Paris today, marking their second meeting in just over a month. This meeting comes as France aims to attract investment from the Tesla boss and strengthen their relationship. During his visit to France’s largest technology trade fair VivaTech, President Macron confirmed the meeting and expressed his intention to promote the attractiveness of France and Europe.
Following the meeting with Macron, Musk will engage in a one-hour “conversation” with the event’s French founder Maurice Levy, addressing an audience of thousands at VivaTech.
5 things to start your day
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2) Wall Street banker accidentally sent sex tape to colleague while working from home | Adam Dell paid several million dollars to the woman who received the recording
3) ECB raises interest rates to highest in 22 years | The European Central Bank raised interest rates to their highest level since 2001, triggering a jump in borrowing costs as president Christine Lagarde warned that stubborn inflation meant more increases were on the way
4) Imperialism is taboo in Britain – but it is making an extraordinary come-back in Europe | Captains of EU doctrine are challenging Leftist ideological tenets head on
5) Third Revolut investor slashes value of company after accounting problems | More trouble for fintech firm as it struggles to secure a banking licence
What happened overnight
Asian shares rose to a four-month high as US economic data stoked expectations of the Federal Reserve nearing the end of its rate-hiking campaign. However, the yen fell after the Bank of Japan maintained its ultra-easy monetary policy.
MSCI’s broadest index of Asia-Pacific shares outside Japan increased by 0.75%, on track for a 2.8% gain for the week, the best weekly performance since January.
The Bank of Japan, concluding a week of central bank actions, affirmed its commitment to sustain massive stimulus to achieve Japan’s 2% inflation target alongside wage increases. The BOJ maintained its short-term interest rate target of -0.1% and a 0% cap on the 10-year bond yield under its yield curve control policy.
China’s benchmark CSI 300 Index rose by 0.5%, while Hong Kong’s Hang Seng Index gained 0.8%. Wall Street stocks rallied, with all three major indices increasing more than 1%. This upward momentum suggests that the stock market anticipates the Federal Reserve’s interest rate hikes nearing their end. The Dow Jones Industrial Average rose by 1.3% to 34,408.06, the S&P 500 climbed 1.2% to 4,425.84, and the Nasdaq Composite Index advanced 1.2% to 13,782.82.
The benchmark 10-year Treasury yield dropped by 8 basis points to 3.718%, while the two-year note yielded 4.6418% after a decrease of 6.5 basis points.
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