Europe set for positive open as Nikkei hits highest level since 1991 November 9, 2020 While President Trump still appears to be in denial about the loss of the Presidency to Joe Biden and still refusing to concede, markets appear to be unconcerned about the prospect of a contested outcome, and have moved on to what might happen next. CMC Markets UK’s chief market analyst Michael Hewson tells City A.M. [...]
Tech and the City: Listing rules set for revamp to lure unicorns November 8, 2020 Rules governing public listings are reportedly set for a huge overhaul in a bid to lure tech giants to the City. Chancellor Rishi Sunak is next week set to announce a review into stock market listings to encourage tech unicorns, firms valued at over $1bn, and other high-growth companies to list in London rather than [...]
Wall Street slips but FTSE 100 rises as Joe Biden edges towards presidency November 6, 2020 Wall Street stocks slipped after a week of gains as Democrat challenger Joe Biden inched closer to the presidency, but the FTSE 100 rose on a mixed day’s trading. The S&P 500 dipped 0.2 per cent while the Dow Jones fell 0.3 per cent. The tech-dominated Nasdaq was 0.5 per cent lower. In the UK, [...]
DEBATE: Did Chinese regulators have a legitimate reason for halting the IPO of Jack Ma’s Ant Group? November 6, 2020 Did Chinese regulators have a legitimate reason for halting the IPO of Jack Ma’s Ant Group? Tim Focas, head of capital markets at Aspectus Group, says YES. For any public listing, but in particular one of this magnitude, smart and sound regulation is of paramount importance. It can’t be one rule for one firm looking [...]
US election: Stocks jump and FTSE 100 climbs amid rush into big tech November 5, 2020 Wall Street stocks jumped again and the FTSE 100 rose as investors snapped up big tech and sold government bonds and the dollar in response to the ongoing US presidential election. Prior to the election, investors had bet that a strong Joe Biden victory would lead to a big stimulus package that would encourage growth. [...]
Separatist Scots beware: A new Scottish currency would be catastrophic November 5, 2020 Some 12 out of the last 15 opinion polls on Scottish secession have shown majority support for splitting up the United Kingdom. During a period of unprecedented crisis, Scots have chosen to rally round the flag — only this time the flag is that of Scotland, not the UK. However, while polling numbers may be unnerving [...]
FTSE 100 closes higher and US stocks jump amid election uncertainty November 4, 2020 The FTSE 100 closed on a high and US stocks shot up as traders sought out the safety of recent corporate success stories in the face of a knife-edge presidential election. Wall Street’s major indices all opened higher as the race for the White House went down to the wire, despite investors remaining worried about [...]
Eyes turn to the Federal Reserve as markets await US election result November 4, 2020 As markets nervously awaited the results of today’s chaotic presidential election, investors’ eyes turned to the US Federal Reserve’s meeting tomorrow. Traders were digesting the state of play so far, and seemed to think that the most likely outcome is a president who doesn’t have control of congress. It comes after President Donald Trump fared [...]
Oil prices jump as Trump declares victory prematurely November 4, 2020 Oil prices jumped this morning after President Donald Trump falsely claimed to have won the US election with millions of ballots still to be counted. Global standard Brent crude jumped two per cent to trade at $40.50 in the aftermath of Trump’s speech this morning. US benchmark West Texas Intermediate also climbed by the same [...]
‘Markets got what they really did not want’: The City reacts to knife-edge US election November 4, 2020 Investors didn’t want this to happen. They had bet on a Joe Biden win in the US presidential election that they hoped would unleash a big stimulus, but found themselves rapidly adjusting their positions as the race became too close to call. Bonds and the dollar rose as investors sought safety. US stocks were volatile, [...]