Robinhood raises $1bn from investors amid GameStop frenzy January 29, 2021 Trading platform Robinhood is raising an infusion of more than $1bn from its investors, having been strained by high volumes of trading this week. On Thursday, the company was forced to stop customers from buying stocks that were heavily traded, such as struggling videogame retailer GameStop. According to a New York Times report, the company [...]
FTSE 100 closes down as Reddit frenzy continues January 29, 2021 The FTSE 100 closed nearly two per cent down at the end of the week, with investors spooked following a volatile week in markets. London’s main market closed down nearly two per cent, and the FTSE 250 finished nearly 70 per cent down. Wall Street also suffered today, down more than two per cent [...]
Elon Musk brands shorting stock a ‘scam’ following GameStop trading restrictions January 28, 2021 Redditors: We'll 'burn Robinhood to the ground' after Gamestop trading restricted
FTSE 100 closes lower but US stocks rebound from slump and brush off dire data January 28, 2021 FTSE 100 closes lower but US stocks rebound
Covid-19 pummels US economy in 2020; performance weakest in 74 years January 28, 2021 The U.S. economy contracted at its sharpest pace since World War Two in 2020 as the Covid-19 pandemic depressed consumer spending and business investment, pushing millions of Americans out of work and into poverty. The Commerce Department’s snapshot of fourth-quarter gross domestic product on Thursday also showed the recovery from the pandemic losing steam as the year wound down amid a resurgence [...]
FTSE 100 dips as sterling rallies and investors await big tech earnings January 27, 2021 The FTSE 100 fell on Wednesday as sterling rallied amid US stimulus speculation and investors eyed a busy day of tech earnings on Wall Street. London’s blue-chip index is down 2.2 per cent to 6,539 points while the more domestically-focused FTSE 250 was trading flat. Boris Johnson confirmed the third lockdown would continue until 8 [...]
Melvin Capital closes Gamestop short position amid Reddit feud January 27, 2021 The hedge fund targeted by Reddit investors Melvin Capital reportedly closed out its short position in Gamestop on Tuesday. The bricks-and-mortar retailer was targeted by an army of Reddit investors from the forum “Wall Street Bets” which boasts more than 2m subscribers. Manager of the fund Gabe Plotkin told CNBC it had closed out its [...]
Fresnillo forecasts fall in gold production due to landslide January 27, 2021 Precious metals miner Fresnillo today said that gold production would fall over the coming year due to a landslip at one of its mines. The FTSE 100 company said that full year gold output for 2021 was expected to come in at 675 to 725 k/oz. This year the firm reported production of 769 k/oz, [...]
Companies raise record $400bn in first weeks of 2021 January 26, 2021 Companies have raised some $400bn in the first three weeks of 2021, marking the biggest haul of the past two decades for the comparable period. The buying frenzy is around $170bn above the average for this time of year, the Financial Times reported, citing Refinitiv data, and is a result of global government and central [...]
S&P 500 reaches record high while FTSE gains despite dire unemployment figures January 26, 2021 The S&P 500 reached record highs on Tuesday ahead of a packed day of earnings, while the FTSE 100 recovered some of Monday’s losses despite a dire set of unemployment figures. London’s blue-chip index opened flat before rising 0.4 per cent higher to reach 6,666 points by mid-afternoon, while the benchmark S&P inched 0.1 per [...]