Market abuse in the age of coronavirus July 13, 2020 During lockdown I have been re-watching a few of my favourite movies about crime in the capital markets — older classics like Wall Street and Boiler Room, as well as the more recent The Big Short and The Wolf of Wall Street. The reality of market abuse is somewhat less glamorous. It is, however, just [...]
London leads Europe in follow-on fundraising with busiest period in a decade July 13, 2020 While London markets may have faced a lull in new placings, they had their busiest half for follow-on fundraising in a decade. Data from accountancy firm EY shows more than £21bn of funds were raised in the first and second quarters in London. In the six months to June, existing issuers dominated the market raising [...]
World’s biggest firms to borrow $1 trillion amid coronavirus crash July 13, 2020 The world’s biggest companies are set to borrow as much as $1 trillion (£790bn) this year as they try to weather the coronavirus crisis, according to one of the City’s biggest asset managers. The world’s 900 biggest companies borrowed an additional $384bn between January and May by issuing bonds as they scrambled to strengthen their [...]
FTSE 100 climbs but Wall Street flat as US coronavirus cases jump July 10, 2020 The FTSE 100 rose but Wall Street was mixed as investors weighed a record daily rise in new coronavirus cases in the US against the reopening of economies. The UK’s main stock index was 0.6 per cent higher in afternoon trading at 6,083 points. The FTSE 250 index of slightly smaller jumped 1.2 per cent. [...]
EU to maintain access to City of London clearing houses after Brexit July 9, 2020 Brussels has moved to ensure EU member states retain access to the City’s clearing houses after the end of the post-Brexit transition period on 31 December. The EU will allow its members to have access to the UK’s clearing houses, some of the largest in the world, on a “time limited” basis, according to European [...]
FTSE 100 falls as coronavirus cases overshadow Sunak stimulus July 9, 2020 The FTSE 100 lost one and a half per cent today as fears over a continued rise in coronavirus cases offset chancellor Rishi Sunak’s £30bn of extra financial firepower. The UK index initially barely moved after yesterday’s 0.55 per cent drop, which left it at 6,156 points. By 4pm today the FTSE 100 had fallen [...]
FTSE 100 slips despite Chancellor’s raft of new stimulus measures July 8, 2020 The FTSE 100 closed lower on Wednesday, even after the Chancellor unveiled a £30bn stimulus package to get consumers spending again. London’s blue-chip index closed down 0.55 per cent at 6,156 points after a muted day of trading. The FTSE 250 index of slightly smaller companies finished the day 0.95 per cent lower. It came [...]
How systemic risk is shaking the market’s foundations July 8, 2020 Adversity, like necessity, is the mother of invention. Firms are seeking novel ways to adapt to the challenges of Covid-19 and the likely increase of remote working even after the pandemic subsides. Some problems are easier to solve than others. In the easier category, new solutions are needed to replicate the spontaneous interactions that arise [...]
Asian stocks falter as coronavirus cases surge July 8, 2020 Asian stocks dithered on Wednesday as an increase in new coronavirus cases in some parts of the world cast doubts over the economic recovery while oil prices eased on oversupply fears. MSCI’s broadest index of Asia-Pacific shares outside Japan were a tad lower after hitting a 4-1/2 month high just on Tuesday. Chinese shares flickered [...]
Sterling rises to three-week highs on news of Brexit negotiations dinner July 7, 2020 Sterling rose to three-week highs following news that the UK’s chief Brexit negotiator would meet with Michel Barnier ahead of the next round of trade talks. A Downing Street spokesperson today said David Frost will tonight have dinner with Barnier at Number 10 this evening to discuss some of the trickier parts of negotiations. These [...]