Deliveroo plans to issue £1bn of new shares in upcoming London float March 15, 2021 Food delivery giant Deliveroo said this morning that it plans to offer around £1bn of new shares in its upcoming London float. The company confirmed that its public listing will also include the sale of shares by certain existing shareholders. Deliveroo further added that it will have two classes of shares, with founder and chief executive Will Shu [...]
Markets: FTSE eeks out gains as UK’s GDP drops March 12, 2021 Markets: FTSE eeks out gains as UK's GDP falls
Richard Branson’s Virgin Orbit plots $3bn listing via Spac March 12, 2021 Billionaire Sir Richard Branson is continuing to pile into blank-cheque vehicles and is now seeking a public listing for his own satellite-launch company. Virgin Orbit has hired bankers to explore going public through a special purpose acquisition company (Spac) for up to $3bn, according to the Wall Street Journal. It has hired Credit Suisse and [...]
Sterling tumbles as bond yields climb again March 12, 2021 Sterling fell as much as 0.8 per cent against the dollar today as a fresh sell-off of US Treasury bonds pushed yields higher today. After trading above $1.40 overnight, cable dropped back today, and is now sitting just below $1.39. Despite the tumble, the pound is still set for a week of solid gains against [...]
Commission-free trading apps follow path of challenger banks by introducing fees March 12, 2021 Commission-free trading apps like Robinhood have soared in popularity for retail investors during the pandemic. Now their attraction is dwindling as they follow the path of challenger banks by introducing fees. Robinhood lured traders through its promise of no trading fees but has recently faced regulatory scrutiny after a year of significant market volatility. Then [...]
Public’s inflation outlook holds at four-year low March 12, 2021 The public’s expectations for inflation over the next 12 months has held at their lowest level in more than four years, in sharp contrast to a recent rise in market expectations, Bank of England data has revealed. Average expectations for inflation over the next 12 months remained at 2.7 per cent – the joint-lowest reading since August 2016 alongside [...]
FTSE closes higher and Wall St bounds ahead on $1.9 trillion US stimulus package March 11, 2021 The FTSE 100 pushed slightly higher today as final confirmation of a bumper $1.9 trillion US stimulus package cheered investors. The blue-chip index was up 0.17 per cent at 6,736 points by market close, while the domestically-focused FTSE 250 pushed 0.59 per cent higher. Mining stocks such as Rio Tinto, Anglo American and BHP Group, [...]
Government looks at widening review into financial markets March 11, 2021 The government is planning to widen its review into financial markets as it looks to boost London’s prospects after Brexit. John Glen, economic secretary to the Treasury, said the government is reviewing financial rules to include regulations on market structure, transparency rules and commodities. It comes just a week after Lord Hill’s review into stock [...]
BP makes almost $4bn from energy trading as oil demand wanes March 11, 2021 BP’s trading division is said to have made almost $4bn (£2.8bn) last year as the oil major weathered the impact of the pandemic on oil demand. The blue-chip giant’s trading profit was only just short of the record amount of slightly over $4bn it made in 2019, according to internal documents seen by Reuters. Trading [...]
London Metal Exchange to take steps to improve electronic pricing during ring closure March 10, 2021 The London Metal Exchange today said it would change its electronic closing price system to make it more efficient while its iconic trading ring remains shut. The bourse said the move was separate to plans to consult on closing the ring as part of moves to modernise its trading system. Plans to improve the market’s [...]