NEW YORK — Bitcoin climbed more than $2,400 on Monday, surging 3.78% to $66,363.01 as the US-Iran peace agreement and reopening of the Strait of Hormuz eased geopolitical tensions, boosting investor appetite for risk assets including cryptocurrencies.

The sharp advance pushed Bitcoin to its highest level in several weeks, reflecting renewed optimism that reduced uncertainty in the Middle East would support global economic stability and risk-taking. The move extended gains across the broader crypto market, with major tokens posting solid advances amid improving sentiment.

The ceasefire deal announced by President Donald Trump, which includes lifting the naval blockade and restoring free shipping through the critical oil waterway, removed a significant risk premium that had weighed on markets. Lower oil prices and expectations of steadier global trade flows contributed to a broad relief rally that lifted Bitcoin and other digital assets.

Peace Deal Sparks Crypto Recovery

Bitcoin’s performance aligned with strength in equities, where the Dow Jones Industrial Average and Nasdaq Composite reached record closes. Cryptocurrencies, often viewed as high-beta assets, amplified the positive reaction as investors rotated toward riskier holdings following the diplomatic breakthrough.

The agreement, set for formal signing in Switzerland, is expected to stabilize energy markets and reduce fears of prolonged supply disruptions. This environment generally favors speculative assets like Bitcoin, which thrive when macroeconomic uncertainty declines and liquidity conditions improve.

Market participants described the move as a classic risk-on response. Reduced geopolitical worries allowed investors to refocus on Bitcoin’s long-term narrative as a store of value and hedge against traditional financial system risks, while also benefiting from broader market momentum.

Technical and Market Drivers

The price breakout above key resistance levels triggered algorithmic buying and short covering, accelerating the upward move. Trading volumes were elevated as both institutional and retail participants adjusted positions in response to the fast-moving news.

Bitcoin’s dominance in the crypto market remained strong, with the total crypto market capitalization rising in tandem. Ethereum and other major tokens also posted gains, though Bitcoin outperformed on the day as investors favored the flagship asset during the relief rally.

The surge comes after a period of consolidation for Bitcoin, during which the asset navigated regulatory developments, macroeconomic data and shifting sentiment around institutional adoption. Monday’s performance suggests renewed momentum as external risks recede.

Broader Crypto Market Context

The cryptocurrency sector has shown resilience in 2026 despite periodic volatility. Institutional interest continues to grow through spot ETFs and corporate treasury allocations, providing structural support for prices. Monday’s move highlights Bitcoin’s sensitivity to global risk sentiment while reinforcing its appeal during periods of de-escalation.

Lower energy costs from stabilized oil markets could indirectly benefit crypto mining operations, many of which rely on power-intensive processes. Reduced input costs may improve miner profitability and support network security through sustained hash rate.

Regulatory clarity in major jurisdictions has also contributed to a more constructive backdrop for digital assets. Progress on stablecoin frameworks and clearer guidelines for crypto markets have helped legitimize the sector in the eyes of traditional finance.

Investor and Analyst Perspectives

Analysts offered generally positive interpretations of the price action. The combination of geopolitical relief and Bitcoin’s maturing market structure creates conditions for potential further upside, though volatility remains a defining characteristic of the asset class.

Some strategists cautioned that implementation risks around the Iran agreement could introduce renewed uncertainty, potentially pressuring prices if talks stall. However, the immediate market reaction demonstrated investors’ willingness to price in a more benign outlook.

Institutional flows into Bitcoin products have remained supportive, with exchange-traded funds seeing steady inflows in recent periods. Retail participation also picked up on the positive news, contributing to the session’s momentum.

Long-Term Outlook and Risks

Bitcoin’s role as a digital store of value continues to evolve as adoption grows among institutions, corporations and sovereign entities. The asset’s fixed supply and decentralized nature appeal to investors seeking alternatives to traditional currencies amid fiscal concerns and monetary policy shifts.

Challenges persist, including regulatory uncertainty in certain jurisdictions, energy consumption debates around mining, and competition from other digital assets. Nevertheless, Bitcoin’s market leadership and network effects provide a strong foundation for long-term growth.

Monday’s surge to $66,000 levels reinforces Bitcoin’s resilience and its correlation with broader risk assets during positive developments. As the crypto market matures, such moves are increasingly viewed through the lens of macroeconomic and geopolitical factors alongside technology-specific drivers.

Investment Considerations

Investors are reminded that cryptocurrency prices remain highly volatile and suitable only for those with appropriate risk tolerance. Diversification, thorough research and long-term perspective are essential when considering exposure to Bitcoin or the broader crypto market.

Financial advisers recommend allocating only what one can afford to lose and staying informed about regulatory and technological developments. While the latest rally is encouraging, sustainable gains will depend on continued institutional adoption and favorable macroeconomic conditions.

The session serves as a reminder of crypto’s sensitivity to global events while highlighting its potential as a portfolio diversifier. With prices at elevated levels, all eyes will remain on how Bitcoin navigates the balance between relief-driven gains and fundamental value drivers in the weeks ahead.

As markets digest the US-Iran agreement, Bitcoin’s performance underscores its evolving role in global finance. The asset’s ability to rally amid improving risk sentiment demonstrates both its speculative appeal and its growing maturity as a recognized store of value in uncertain times.

The coming days will bring further clarity on the peace deal’s implementation and its lasting impact on market dynamics. For Bitcoin enthusiasts and investors alike, Monday’s record push above $66,000 marks a notable milestone in an eventful year for digital assets.

After a school principal in Maharashtra’s Solapur allegedly killed his wife and two sons before dying by suicide amid stock market losses of Rs 1.8 crore, market expert Nilesh Shah called for a mandatory minimum qualification criterion for trading in the derivatives market.

According to a Times of India report, the zilla parishad school principal allegedly poisoned his wife and two children by lacing their ice cream before taking his own life by hanging at his native village in Solapur district on Thursday night. Based on a note recovered from the scene, police suspect financial losses of around Rs 1.8 crore in the stock market may have driven 41-year-old Yogesh Patil to take the extreme step.

Preliminary inquiries revealed that Patil had even borrowed money from relatives to invest in markets, promising high returns, as per the TOI report. Police are reportedly registering a murder case against Patil for killing his wife and children aged 11 and 9 years.

‘Get rich quickly’ results in such tragedies: Nilesh Shah

Nilesh Shah, Managing Director of Kotak AMC, took to X to react to the news. “This is such a sad story. ‘Get rich quickly’ results into such tragedies,” he wrote, adding that only a few get reported while the rest goes below the radar.

The market analyst quoted SEBI’s research as saying that retail Indian speculators’ losses in derivatives trading exceeded Rs 2.80 lakh crore between FY22-25. “Maybe time has come to make it mandatory to pass minimum qualification criteria for trading in derivatives market,” he further wrote.

F&O losses on the rise

According to a study by market regulator SEBI, retail individual traders in the equity derivatives segment made net losses of Rs 1.05 lakh crore in fiscal 2025, marking a 41% increase from Rs 74,812 crore in fiscal 2024. It said that around 91% of retail traders continue to lose money in derivatives trading.
Also read: Retail traders’ F&O losses up 41% in FY25The government and regulator have been trying to curb speculative trading, with the Union Budget 2026 more than doubling the STT on futures and raising levies on options by up to 50%. Speaking about derivative trading, Finance Minister Nirmala Sitharaman had said, “We are touching only the futures and options segment. No one has increased transaction costs elsewhere. Speculation, what we call ‘satta’ in Hindi, is highly risky, and many people with limited funds face heavy losses. The nominal increase in STT is aimed purely at deterring excessive speculation. We respect market activity, but the government cannot ignore the losses faced by small investors.”

Announcing the changes in Parliament on February 1 this year, the finance minister said: “I propose to raise the STT on futures to 0.05 percent from the present 0.02 percent. STT on options premium and exercise of options are both proposed to be raised to 0.15 percent from the present rate of 0.1 percent and 0.125 percent, respectively.”

Also read: F&O satta is highly risky… how can the government stay quiet, says Nirmala Sitharaman on STT hike
The government said the increase was intended “to provide reasonable course correction in the F&O segment in the capital market and generate additional revenues for the government”.

NSE CEO on minimum qualifying criteria for derivatives trading

NSE’s managing director and CEO, Ashishkumar Chauhan, earlier this year also batted for a ‘minimum qualifying criteria’ for those participating in derivatives trading to prevent people from lower strata of society from wasting their money on speculation.

Also read: Why is market rising today?

“At the same time, a developing country like India cannot allow over speculation by lower strata of the economy. Hence, more and more regulations will come from governments, regulators and exchanges to curb over speculation till the time perception of lower strata of the society doing over speculation continues,” he said at an event.

(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Investors will closely track Reliance Industries‘ 49th Annual General Meeting (AGM) this week for updates on the group’s growth plans, the much-awaited Jio Platforms IPO, retail expansion strategy and progress in its new energy business.

The AGM comes after another year of strong operating performance for the Mukesh Ambani-led conglomerate, even as investors look for clarity on the next phase of value creation across its consumer and digital businesses.

When is Reliance AGM 2026?

Reliance Industries has scheduled its 49th AGM for June 19, 2026, at 2:00 PM IST. The meeting will be conducted through video conferencing and other audio-visual means, continuing the format adopted by the company in recent years.

The AGM remains one of the most closely watched corporate events in India as it often serves as a platform for major business announcements from Reliance and its subsidiaries.

Where can investors watch the AGM live?

Shareholders and investors can watch the AGM live through Reliance Industries’ official digital platforms.

The company is expected to stream the proceedings through its investor relations portal, while the event is also likely to be available on Reliance’s social media and digital channels, as has been the practice in previous years.

Also read: Will SpaceX’s $75 billion IPO set the ball rolling for Reliance Jio and NSE listings in India?
The AGM address by Chairman Mukesh Ambani is expected to be the key highlight, with updates from senior leadership across businesses including telecom, retail and new energy.

What to expect from the AGM

Jio IPO updates

The biggest area of investor interest is likely to be Jio Platforms. Reliance has been working on plans for what could become India’s largest-ever public offering. Recent reports suggest the company is reviewing the structure of the IPO and may opt for a larger fresh issue component instead of relying heavily on an offer-for-sale route.
Investors will be looking for any indication on the timeline for filing draft papers, valuation expectations and the company’s long-term growth strategy in digital services.
Jio remains one of the largest telecom and digital platforms globally, with businesses spanning mobile connectivity, broadband, cloud services, enterprise solutions and artificial intelligence initiatives.

Reliance Retail expansion

Another key focus area will be Reliance Retail, which has emerged as one of the largest contributors to the group’s earnings. Market participants will watch for updates on store expansion, consumer spending trends, profitability improvements and the company’s omni-channel strategy.

Reliance Retail continues to expand across grocery, fashion, electronics and quick commerce segments, making it one of India’s largest organised retailers.

New energy roadmap

Reliance’s renewable energy ambitions are also expected to feature prominently. The company has committed billions of dollars towards building an integrated clean energy ecosystem that includes solar modules, batteries, green hydrogen and energy storage.

Investors will seek updates on the progress of manufacturing facilities, commissioning timelines and potential partnerships as the company looks to diversify beyond its traditional oil-to-chemicals business.

Oil-to-chemicals and energy business

While consumer businesses have become increasingly important, Reliance’s energy and petrochemicals operations continue to remain significant contributors to profitability. Management commentary on refining margins, petrochemical demand, energy transition investments and global commodity trends will be closely monitored by analysts.

Reliance FY26 performance

The AGM follows a year in which Reliance delivered strong revenue and earnings growth despite a challenging global environment.

For the March quarter, Reliance reported a 13% year-on-year decline in consolidated net profit to Rs 16,971 crore compared with Rs 19,407 crore a year ago. Revenue from operations, however, rose 13% to Rs 2.98 lakh crore.

For the full FY26 financial year, Reliance reported revenue of Rs 11.76 lakh crore, equivalent to roughly $124 billion, marking a 10% increase over the previous year.

Annual EBITDA rose 13.4% year-on-year to Rs 2.08 lakh crore, while profit after tax increased 17.8% to Rs 95,754 crore.

Also read: Nifty’s hidden discount sale: 54% of top Indian stocks are cheaper now than in 2023. Is it time to buy?

The company said growth was driven by its oil-to-chemicals, digital services and retail businesses.

A notable shift in Reliance’s earnings profile continued during the year, with consumer-facing businesses accounting for more than 55% of consolidated EBITDA. This reflects the group’s ongoing transition from a traditional energy-focused conglomerate to a consumer and technology-led enterprise.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

SpaceX shares gained another 6% in pre-market trading on Monday after the Elon Musk-led company delivered one of the strongest debuts in Wall Street history last week, as investors continued to pile into the newly listed space, satellite and artificial intelligence company.

The stock’s early gains come after a blockbuster first day of trading on Friday, when shares surged 19% from the IPO price, pushing SpaceX’s market cap above $2 trillion and making it the sixth-largest listed company in the United States.

Investor enthusiasm received a fresh boost over the weekend after Musk said SpaceX could generate more than $1 trillion in annual revenue by 2030.

“And I would be surprised if revenue is not greater than $1T in 2031,” Musk wrote on social media platform X on Sunday in response to a post by financial commentator Jon Erlichman.

The comment came just two days after SpaceX completed a record-breaking $75 billion initial public offering that valued the company at about $1.75 trillion at the issue price.

Friday’s rally took the stock to $160.95 per share, lifting SpaceX’s valuation to roughly $2.1 trillion. The company overtook Broadcom in market value and now trails only a handful of technology giants, with Amazon next at around $2.6 trillion.
The IPO marked several milestones for both Musk and Wall Street. The $75 billion fundraising was more than double the size of Saudi Aramco’s record 2019 listing and represented the largest IPO ever completed. The rally also cemented Musk’s position as the world’s first trillionaire based on the value of his holdings across SpaceX, Tesla and other ventures.More than 510 million shares worth approximately $84 billion changed hands on the first day of trading, highlighting the intense demand from both institutional and retail investors.

The strong debut came despite concerns over valuation and profitability. SpaceX generated revenue of $18.67 billion in 2025, up from $14.02 billion a year earlier, but reported a net loss of $4.94 billion compared with a profit of $791 million in the previous year.

Even at its IPO valuation, the company was worth more than many established technology giants despite generating only a fraction of their revenue.

Also read: Will SpaceX’s $75 billion IPO set the ball rolling for Reliance Jio and NSE listings in India?

Investors, however, are betting on SpaceX’s dominant position in commercial space launches, satellite broadband business Starlink and its growing artificial intelligence ambitions through xAI.

According to company filings, SpaceX estimates its total addressable market at $28.5 trillion, which it describes as the largest market opportunity in history. The company claims responsibility for more than four-fifths of all mass launched into orbit globally over the past three years.

The successful listing also eased concerns about the ability of exchanges to handle such a large offering. Trading began smoothly on Friday, avoiding the technical glitches that marred Facebook’s 2012 market debut.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Off the coast of Sierra Leone, Sherbro Island has been earmarked for an ambitious transformation: a new centre for international business and investment, designed to rival cities like Singapore or Hong Kong. The BBC’s Ed Butler travels to the island to investigate the project and speaks to developer Siaka Stevens, who is leading the effort alongside supporters including film-star Idris Elba, about the vision and what it will take to deliver it. But how realistic is the ambition, and can it become more than a promise?

Presenter/producer: Ed Butler
Editor: Stephen Ryan

Each Monday on Business Daily, we take you around the globe to the heart of the stories and meeting those living through them.

You can email the team: businessdaily@bbc.co.uk

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Brokerage firm Monarch Networth Capital expects the Nifty to rise to 27,000-28,000 during calendar year 2026, implying meaningful upside from current levels, backed by a recovery in corporate earnings, continued capital expenditure and a supportive interest rate environment.

The brokerage estimates Nifty earnings per share (EPS) at 1,251 for FY27 and 1,443 for FY28, and believes India’s structural growth story remains intact despite recent market volatility.

“The correction witnessed in large-cap sectors due to sustained FII selling appears excessive relative to underlying fundamentals,” said Gaurav Bhandari, CEO of Monarch Networth Capital.

According to the brokerage, the next leg of market gains is likely to be led by banking stocks, telecom companies and a gradual recovery in largecap IT stocks, while select midcap and smallcap companies offer attractive opportunities following an 18-month period of earnings adjustment and valuation correction.

Banking, telecom and IT to lead recovery

Monarch said India’s long-term growth outlook continues to be supported by reforms such as GST, RERA, the production-linked incentive (PLI) scheme, corporate tax reforms and infrastructure investments.
The brokerage also highlighted the strengthening of corporate balance sheets and a sharp rise in private sector capital expenditure.
“India Inc’s resilience is evident in corporate capex growth of the top 500 listed non-financial companies, which has nearly doubled to around Rs 10 lakh crore versus pre-pandemic levels,” Bhandari said.
The brokerage expects the recovery in the benchmark index to be driven primarily by financials, telecom and technology companies, sectors that have underperformed amid persistent foreign institutional investor selling.

Bullish on midcaps and smallcaps

Monarch is more constructive on select smallcap and midcap stocks, arguing that earnings growth, time correction and valuation normalisation have improved the risk-reward profile in the segment.

The brokerage expects the Nifty Midcap 150 index to reach around 25,595 and the Nifty Smallcap 250 index to climb to approximately 19,640.

It also believes the ongoing rate-cut cycle could emerge as a significant catalyst for smaller companies.

“Historical trends indicate that easing monetary policy has generally supported strong post-cycle returns across midcap and smallcap indices. Lower interest rates support economic activity, improve revenue growth prospects, enhance operating leverage and reduce financing costs,” Bhandari said.

Top stock picks

Among its preferred ideas, Monarch highlighted three stocks.

SBI: The brokerage believes SBI offers an attractive risk-reward proposition due to strong asset quality, healthy loan growth and sustainable profitability. It also sees scope for value unlocking through the lender’s subsidiaries. Monarch noted that despite delivering profitability metrics comparable to leading private sector banks, SBI continues to trade at a valuation discount.

HFCL: The brokerage is positive on HFCL because of its earnings turnaround, strong order book and growing export business. It also expects the company to benefit from long-term themes such as 5G rollout, data centre expansion, defence manufacturing and rising fibre demand.

Hindustan Copper: Monarch sees long-term potential in the state-run miner, citing rising domestic copper demand, expansion plans under its Vision 2030 strategy and its position as India’s only vertically integrated copper producer.

The brokerage’s optimistic outlook comes as investors assess the impact of lower interest rates, improving domestic demand and a recovery in corporate earnings after a period of market consolidation.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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Kesko Oyj (KKOYY) M&A Call June 15, 2026 3:00 AM EDT

Company Participants

Hanna Jaakkola – Vice President of Investor Relations
Jorma Rauhala – President, CEO & Member of Group Management Board
Sami Kiiski – President of Building & Technical Trade Division and Member of Group Management Board
Anu Hamalainen – Executive VP, CFO & Member of Group Management Board

Presentation

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Hanna Jaakkola
Vice President of Investor Relations

Welcome to this special briefing. Just a moment ago, Kesko announced that it will acquire Dahl’s operations in Sweden, Norway and Denmark from the French company, Saint-Gobain. Through the transaction, Kesko will significantly strengthen its position in technical trade business in the Nordics. But without further ado, I will hand over to President and CEO, Jorma Rauhala. Please, Jorma, the stage is yours.

Jorma Rauhala
President, CEO & Member of Group Management Board

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Thank you, Hanna. Welcome also on my behalf. These are indeed great news. We have had a very busy weekend and the acquisition was actually signed just a moment ago. I’m very pleased to announce that our long-term strategic target to grow significantly, particularly in technical trade is now becoming a reality. For years, we have been looking for major acquisition opportunities, especially in technical trade in the Nordic region and attractive targets are extremely rare. When I have previously been asked what would be a strategic theme target? It would be exactly this. Dahl is a strong player in Sweden, Norway and Denmark with no overlapping operations. Technical Trade is based on centralized logistics, strong digital services and skilled personnel. This is exactly what we are now acquiring.

After the completion, this acquisition will take us to the next level in the growing technical trade business in Nordics, and I’m extremely pleased and happy. Now to our presentation. Kesko strengthens technical trade by acquiring the

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