Good evening and welcome to Markets Desk, your closing look at what's moving money and markets today.
OPEC-plus is pulling the trigger on a full unwind of its so-called voluntary production cuts, effective September. That means more barrels flooding an already well-supplied market, and with global demand signals still mixed, the move puts meaningful downward pressure on crude prices heading into the back half of the year.
Shifting to Asia, Hong Kong's Hang Seng has strung together six consecutive winning sessions, adding nearly nine hundred thirty points, a gain of roughly three point seven percent. Meanwhile Taiwan's exchange snapped a brutal five-day skid Friday after plunging more than thirty-nine fifty points, or nine point three percent. Both markets are pointed higher heading into Monday's open, suggesting some genuine risk appetite returning to the region.
And in quantum computing, IonQ posted first-quarter revenue growth of seven hundred fifty-five percent year over year, coming in at sixty-four point seven million dollars, with full-year guidance calling for more than one hundred percent organic growth. Still, the stock sits fifty-eight percent below its peak, and the company carries a thirteen billion dollar valuation, meaning the market is pricing in an enormous amount of execution that has yet to materialize.
That's the tape. Markets Desk, signing off the floor.
