Global Markets Cautious to Start Week; Baidu Shares Plunge on AI Ethics Concerns
• European markets opened lower while Asian markets were mixed to start the week, with U.S. markets closed for holiday • China's central bank kept interest rates unchanged, surprising observers who expected a rate cut to stimulate economy • Baidu stock plunged 11.5% on report linking its AI platform to Chinese military research • Taiwan's presidential election won by ruling party's Lai Ching-te, affecting relations with China • S&P 500 edged up Friday but remains just below all-time high as traders bet on multiple Fed rate cuts in 2023-2024