Wall Street closes just shy of record on renewed hopes of Covid-19 vaccine November 9, 2020 Wall Street surged ahead today as news of the first successful late stage Covid-19 vaccine trials bolstered hopes of the global economy emerging from a year of pandemic-driven crisis, with the S&P 500 and Dow Jones opening on record highs. News that Pfizer’s experimental vaccine was found to be more than 90 per cent effective [...]
Rishi Sunak announces post-Brexit outline for City of London November 9, 2020 Rishi Sunak has outlined the City of London’s future after Brexit, which will aim to provide stability for EU financial services firms operating in the UK while also trying to open up the sector to more international markets. Sunak said the Treasury today was unliterally publishing “a set of equivalence decisions for EU and EEA [...]
Market surge crashes trading platforms on ‘busiest ever day’ November 9, 2020 Investors trying to cash in on today’s market surge were left disappointed after some of the major trading platforms crashed due to overwhelming demand. Pharma giant Pfizer today announced that early studies of its coroanvirus vaccine are 90 per cent effective which sent markets into a frenzy. The FTSE 100 shot up, closing up 4.67 [...]
Gold prices slump as Pfizer vaccine propels risk appetite November 9, 2020 Gold prices shed more than two per cent today as Pfizer’s announcement that its Covid-19 vaccine was 90 per cent effective in trials lured investor appetite away from safe haven assets. Spot gold slipped 2.2 per cent to $1,908.55 per ounce this afternoon, while US gold futures fell 2.3 per cent to $1,908.90, marking its [...]
Pfizer vaccine: ‘A good news day’ for markets, say analysts November 9, 2020 Global stock markets catapulted this afternoon on news that Pfizer’s coronavirus vaccine saw a 90 per cent success rate in clinical trials, as analysts welcomed the announcement as a “boost for hopes of a return to normality”. The prospect of a vaccine electrified world markets, with S&P 500 futures hitting a record high and tourism [...]
Markets greet Biden presidency with sigh of relief November 9, 2020 Markets have celebrated a return to political normality after a five-day vote count in the US presidential election finally yielded a result over the weekend. Joe Biden on Saturday was elected the 46th President of the United states after winning the major battlegrounds of Pennsylvania and Nevada, booting incumbent Donald Trump out of the White [...]
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 [...]