Surging tech megacaps power Nasdaq to another peak September 1, 2021 A surge among tech megacaps powered the Nasdaq to another record high during early trading on Wall Street today. The US’s tech-heavy benchmark has since fallen back from its fresh peak, but is still up 0.65 per cent to 15.358.32 points during mid-morning exchanges. The blue-chip S&P 500 jumped 0.18 per cent to 4,531.01 points [...]
US financial markets watchdog chief warns cryptocurrency platforms will not survive without oversight September 1, 2021 The chief of the US financial markets watchdog has warned that cryptocurrency trading platforms are unlikely to have any future unless they collaborate with regulators. Gary Gensler, chairman of the Securities and Exchange Commission, that if the industry is going “to have any relevance five and 10 years from now, it’s going to be within [...]
AIM dividends climb from Covid depths in second quarter September 1, 2021 Dividends paid by companies listed on the junior AIM stock market are rebounding sharply from the depths of the Covid crisis, according to fresh figures published today. Research by Link Group shows underlying dividends distributed by AIM companies shot up 56.6 per cent to £265m compared to the same period last year. For the year [...]
Analysts: China’s tech crackdown could backfire as it may hamper economy August 31, 2021 Analysts caution China’s economic growth could slow down if Beijing continues to target private enterprises that power the country’s economic success. Beijing’s sweeping regulatory crackdowns have spread like wildfire across sectors, ranging from technology and internet algorithms to online gaming and tutoring. Ross Terrill, a research associate at Harvard’s Fairbank Centre for Chinese Studies, told [...]
Sliding tech stocks weigh on Wall Street August 31, 2021 US stocks slipped today as poor performances among technology heavyweights weighed heavily on Wall Street’s main benchmarks. The tech-heavy Nasdaq slipped 0.10 per cent to 15,250.36 points, led down by losses among Apple, Microsoft and Amazon. The blue-chip S&P 500 and the Dow Jones both inched up, rising 0.02 per cent and 0.08 per cent [...]
Hong Kong plans risk management rules to prevent Archegos-like scandals August 31, 2021 Hong Kong’s market regulator is reportedly developing a track exposure mechanism to dangerously concentrated stocks to prevent financial debacles like the Archegos collapse. The project will use centralised trade databases to identify excessive risk-taking by banks and investment funds trading derivatives in the city, reported Financial Times. The Hong Kong Monetary Authority and the Securities [...]
City A.M. TV: A market snapshot August 31, 2021 Markets responded well to Fed Chair Powell’s key speech last Friday. The main US equity index rallied both on the speech and then continued its strength during yesterday’s US session (whilst the UK was closed for bank holiday). As well as new record highs for the S&P500 and NDX100, Powell’s dovishness also brought about a [...]
Gaming shares slide after China puts limits on kids playing online games August 31, 2021 China’s new rules forbidding under-18s from playing online games for more than three hours per week to curb youth video game addiction. China’s National Press and Publication Administration announced yesterday that gamers under 18 are only allowed to play online between 8-9 pm on Fridays, weekends and holidays. The authorities have instructed gaming companies to [...]
Benchmarking has become circular August 31, 2021 | City Talk Time and again throughout my career I have ranted about the nonsense of benchmarking in all its forms. By now I have given up on the hope that business and investing will ever leave the practice behind, so I don’t expect this post to change anything except to make me feel better. I spoke recently [...]
US stocks hit fresh record highs again as Fed signals gradual tightening August 31, 2021 Wall Street moved to yet more record highs yesterday driven by investors reacting positively to the Fed’s dovish stance on winding down stimulus measures. The S&P 500 briefly touched a record high yesterday, as did the tech-heavy Nasdaq, but both pulled back slightly to rise 0.43 per cent and 0.90 per cent respectively. Fed Chair [...]