S&P 500 breaks through 4,000 mark as FTSE 100 pushes higher April 1, 2021 The S&P 500 broke through the 4,000 mark for the first time today as buoyant tech stocks and optimism about reopenings boosted Wall Street. The index was up 0.8 per cent 4,006 points shortly before 5pm. The Dow Jones and Nasdaq also rose 0.4 per cent and 1.5 per cent respectively. The rapid rollout of [...]
Hopes of Deliveroo rebound evaporate as shares slide further April 1, 2021 Any hopes of a rebound in Deliveroo’s share price quickly dissipated today as the delivery firm dipped even further. It was a disastrous first day of trading for Deliveroo which plunged as much as 30 per cent, wiping £2bn off its valuation. The delivery platform’s shares closed out their first day down 26 per cent [...]
City A.M. TV: Daily Market Snapshot (video) April 1, 2021 City A.M. TV: Daily Market Snapshot (video)
Wall Street hits record high after FTSE 100 ends first quarter in the red March 31, 2021 Wall Street has posted its fourth consecutive quarter of gains after tech stocks pushed the S&P 500 to a record high today. The S&P 500 closed up 0.57 per cent, just shy of hitting 4,000 points for the first time as hopes of economic recovery offset a spike in US Treasury yields and the collapse [...]
Deliveroo shares slump 30 per cent on long-awaited stock market debut March 31, 2021 Deliveroo shares plunged by as much as 30 per cent on its long-awaited market debut, wiping more than £2bn off its valuation. The delivery firm’s shares closed out their first day of trading well down at 287p, a sharp drop from the offer price of 390p per share. The listing had been hotly anticipated given [...]
China mulls new exchange for overseas-listed firms March 31, 2021 China is in early talks to establish a new stock exchange for overseas-listed firms as it looks to lure tech heavyweights. China has two main onshore exchanges in Shanghai and Shenzhen which have the same rules governing IPOs and non-initial listings. This is in contrast to other leading bourses including Hong Kong’s which offers waivers [...]
Which equity sectors can combat higher inflation? March 31, 2021 | City Talk Some investors are worried that inflation is set to rise. We look at which equity sectors could prove to be the most resilient. The sharp rise in bond yields over recent weeks has rattled equity markets amid fears that fiscal stimulus and a post-pandemic spending splurge could stoke higher inflation. Five-year inflation expectations, as measured [...]
City watchdog to consult on changing listing rules for SPACs March 31, 2021 The City regulator has announced it will launch a consultation on changes to London’s listing rules to provide more investor protection in blank-cheque vehicles. The Financial Conduct Authority (FCA) today said it will consider introducing a minimum market capitalisation and redemption option for investors. “Our proposals will help to ensure that SPACs operate within a [...]
Wall Street dips on tech sell-off after FTSE 100 closes higher March 30, 2021 Wall Street closed in the red today following a sell-off of tech stocks as US Treasury yields hit a 15-month high. The S&P 500 and Dow Jones both dropped 0.3 per cent, while the Nasdaq slipped 0.1 per cent. It came after the FTSE 100 pushed higher following a volatile start to the week as [...]
Former Warner Music boss Edgar Bronfman Jr. backs $300m SPAC March 30, 2021 A blank-cheque vehicle backed by former Warner Music boss Edgar Bronfman Jr has filed to raise $300m in a US listing. Waverley Capital Acquisition Corp 1 has said it will sell 30m units, consisting of shares and warrants, at $10 each. Bronfman is the latest high-profile figure to get in on the SPAC frenzy which [...]