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The DAX fell 0.5% on Whit Monday, closing at 24,174 points after reaching historic highs the previous week. The index opened lower and struggled to regain momentum, with support seen at 24,152. A rise above 24,326 could lead to new record highs, while a drop below 24,000 may target lower thresholds.
Geely, China's second-largest carmaker, has paused new plant construction to address global overcapacity and intense price competition in the automotive sector. Despite a challenging market, the company reported a 32% increase in vehicle deliveries and a 52% rise in net profit, driven by a strategic focus on international sales and a multi-energy approach. As domestic competition intensifies, Geely's pivot towards exports and localized manufacturing aims to enhance profitability and mitigate risks.
British Prime Minister Keir Starmer and Nvidia co-founder Jensen Huang will announce a new initiative on June 9 to enhance AI education and research in the UK, supported by a £187 million program. This partnership aims to address the UK's AI skills gap, with only 15% of organizations classified as "AI pros," and to boost productivity amid economic challenges. The collaboration reflects a strategic shift towards leveraging private sector expertise to foster innovation and tackle labor market concerns related to AI displacement and job creation.
Chinese EV makers, led by BYD, are rapidly gaining traction in Europe’s small car market, challenging established brands like Volkswagen and Renault. With the launch of the Dolphin Surf model, priced competitively, and a growing market share, they are well-positioned to capitalize on strict EU emissions regulations. As they localize production to mitigate tariffs, forecasts suggest they could capture 15% of Western European vehicle sales by 2030.
China's electric vehicle (EV) sector is in turmoil due to a price war, with BYD losing $21.5 billion in market value since May 2024. Weaker demand and overcapacity have led to a significant decline in profits, prompting government intervention and a wave of market consolidation, as more brands exit than enter. BYD's dual pricing strategy allows it to cut domestic prices while maintaining higher margins abroad, leveraging vertical integration for cost advantages. Meanwhile, shifting consumer preferences and low brand loyalty complicate the landscape, as buyers prioritize specifications and price over brand attachment.
Digital asset inflows slowed amid economic uncertainty, with Ethereum leading the way, attracting $296.4 million and totaling $1.5 billion over seven weeks. The U.S. saw the highest regional inflows at $175 million, while Bitcoin faced outflows of $56.5 million for the second week. Altcoins like Sui and XRP showed mixed performance, with Sui gaining minor inflows and XRP continuing its outflow trend.
Tesla has fallen to 10th in market value, losing 29.3% of its worth in 2025, now at $917 billion, due to declining EV demand and CEO Elon Musk's controversies, including a feud with President Trump. The company's market share has shrunk significantly, with a 9% revenue drop and a 71% decline in net income in Q1 2025, as it faces fierce competition from both established and new automakers. Musk's personal brand, once an asset, now poses risks to Tesla's image and market position.
Deutsche Bank is investigating the use of stablecoins to enhance payment efficiency. This initiative reflects the growing interest in digital currencies within traditional banking systems, aiming to streamline transactions and improve overall financial operations.
[Bloomberg]
Tesla shares rebounded nearly 4% after a significant drop that erased $152 billion in market value, triggered by a public dispute between CEO Elon Musk and President Trump over a proposed tax bill affecting EV incentives. Musk's opposition to the elimination of the $7,500 tax credit reflects Tesla's declining financial health, with a reported 71% drop in net income in Q1 2025. The company has invested heavily in lobbying to preserve this incentive, highlighting its growing reliance on government support amid increasing competition and regulatory challenges.
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DAX Declines on Whit Monday Amid Consolidation After Historic Highs
08:26 10.06.2025
Geely halts new plant construction amid global automotive overcapacity challenges
10:10 09.06.2025
UK government partners with Nvidia to enhance AI education and skills training
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NVIDIA Corporation
Microsoft Corporation
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Keir Starmer
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Tesla falls to tenth in market value amid declining sales and controversies
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Deutsche Bank investigates stablecoins to enhance payment efficiency
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Deutsche Bank explores stablecoins to enhance payment efficiency and digital assets
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Tesla stock rebounds as market value drops amid political tensions
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