China tech crackdown: From Jack Ma’s disappearance to online tutoring debacle August 5, 2021 Chinese technology giants once seemed untouchable, with billions of profits through aggressive expansion. But that status is now more uncertain after a year of Beijing’s sweeping regulatory crackdowns that have spread like wildfire across sectors. The saga started last October when Chinese billionaire Jack Ma, who founded e-commerce behemoth Alibaba, criticised China for lacking a [...]
Slowing US labour market recovery tempers Wall Street August 4, 2021 US shares dropped sharply on Wednesday morning after weaker than expected payrolls data tempered investor sentiment. The blue-chip S&P 500 dipped 0.42 per cent to 4,404, while the Dow Jones was clipped 0.78 per cent to 34,848. The tech-heavy Nasdaq edged down 0.06 per cent 14,752. Read more: Demand ‘peaks’ as US services recovery slows [...]
55 years of hurt: the connection between investing and football August 4, 2021 | City Talk In July, the England men’s football team reached their first major final since 1966. 30 years of hurt has become 55 years of hurt. Just one of many unwelcome statistics that have dogged the national team over the years, and which they hope to soon put an end to. The earlier England-Germany match provided a [...]
US stocks struggle for direction amid weakening economic outlook August 3, 2021 US stocks opened broadly flat on Tuesday morning as investors tempered trading activity amid a weakening economic outlook. While the Nasdaq dipped 0.34 per cent, the blue-chip S&P 500 edged 0.03 per cent higher and the Dow Jones added 0.18 per cent. The reinstating of Covid curbs in many states of America, including mandating mask [...]
SEC chief vows to crackdown on cryptocurrencies August 3, 2021 The new chief of the US’ financial markets watchdog has vowed to crackdown on cryptocurrencies as soon as possible. Speaking to Bloomberg, Gary Gensler, commissioner of the US Securities and Exchange Commission, said that he has instructed “staff to use all of our authorities anywhere we can” to improve oversight of crypto assets. Read more: [...]
London Stock Exchange traders hit by third Refinitiv outage today August 2, 2021 London Stock Exchange’s Refinitiv news and data platform Eikon experienced an outage of several hours today, the company said, its third such glitch this year. The company reported similar issues in April and June. An LSEG customer support representative said the issue which started mid-afternoon had mostly affected users in Asia and the Europe, Middle [...]
FTSE 100 gets week off to a strong start as Covid cases fall again August 2, 2021 The FTSE 100 rose 0.7 per cent today as UK Covid-19 cases continued to decline, in what was a strong start to the week for global markets. Buoyed by a raft of heavyweights, London’s premier index closed at 7,081.72, with the 7,100 barrier firmly in its sights. It was an even better day for the [...]
Medical cannabis company confirms £45m London SPAC listing August 2, 2021 Medical cannabis firm Hellenic Dynamics has confirmed that it will go public in London through a SPAC deal valuing the company at £45.2m. Through its reverse takeover deal with blank cheque vehicle UK SPAC Plc, the company will list on the LSE’s main market. Today’s announcement comes after City A.M. earlier this year revealed that [...]
China securities watchdog seeks closer cooperation with US after Didi crackdown August 2, 2021 The China Securities Regulatory Commission (CSRC) has said it will enhance communication with its US counterpart on overseas listing after US regulators tightened disclosure for Chinese companies. The Chinese securities regulator said it had noticed the US Securities and Exchange Commission’s (SEC) new disclosure requirements for Chinese companies’ listings. It added the two sides should [...]
What does China’s stock market meltdown mean for investors? August 2, 2021 | City Talk Chinese markets have hit headlines again in recent weeks. Geopolitical tensions surrounding trade remain, but market behavior and performance – particularly in the tech sector – has also come to the fore. We asked Tom Wilson, Schroders’ Head of Emerging Market Equities, what’s causing the upset. The Chinese government seems to be cracking down on [...]