Before the Bell: Quiet start expected for Europe, dealers eye US jobs data February 11, 2021 Stock markets in Europe posted modest losses yesterday as a drop off in confidence towards the end of the session more than wiped out the gains that were registered earlier. For most of the day, equity benchmarks were in positive territory, upbeat sentiment circulated as it was believed the Biden administration will sign off on [...]
Financial markets continue to hang on two Vs: vaccine and virus February 9, 2021 Global equities bounced strongly last week, gaining nearly 5 per cent and more than reversing their losses from the previous week. Stock markets ended the week at new highs and opened again higher yesterday. The market correction ended up lasting no more than a week. “So too did the surge in GameStock which has fallen back [...]
Before the Bell: Bitcoin goes through the roof as positive investor sentiment persists February 9, 2021 Bitcoin was driven to fresh record highs overnight – it traded above $47,000 – on the news that Tesla bought $1.5bn worth of the cryptocurrency. In the same announcement, the electric vehicle manufacturer revealed that it intends to accept the digital currency as a method of payment too. “One of the criticisms of Bitcoin is [...]
City A.M. TV: Daily Market Snapshot February 5, 2021 With such a strong rally this week, and a marked retracement of recent losses, the key near term question is whether this is a ‘dead cat bounce’ – OR – simply a resumption of the medium term uptrend. From a price action perspective, the jury is still out. In particular, despite a strong rally in [...]
City A.M. TV: Daily market snapshot February 4, 2021 With a strong move higher in US equity markets this week, signs of near term ‘greediness’ have been building. Usually, when levels of greed and complacency become elevated, markets then become vulnerable to the downside. Conversely, when fear levels are high, it pays to turn bullish. In this brief clip, we show how to ‘lean [...]
UK urges EU to extend grace period to 2023 in bid to soften Brexit impact February 3, 2021 Britain has asked the EU for a grace period extension until 2023 on checks made on trade moving between Northern Ireland and the rest of the UK. Cabinet Office Minister Michael Gove has written to the European Commission vice president Maros Sefcovic to ask for urgent political solutions on a number of issues at the [...]
City A.M. TV: Daily Market Snapshot February 3, 2021 With such a strong rally this week, and a marked retracement of recent losses, the key near term question is whether this is a ‘dead cat bounce’ – OR – simply a resumption of the medium term uptrend. From a price action perspective, the jury is still out. In particular, despite a strong rally in US [...]
Regulators to meet as brokers call time on Reddit-trader rollercoaster February 3, 2021 Hedge funds, small investors and their stockbrokers are bracing for tougher U.S. markets regulation, with officials expected to meet this week to assess the fallout from a social-media driven trading frenzy that has roiled stocks and silver prices. Mass buying by amateur traders over the past two weeks has driven wild price gyrations in companies [...]
Swiss stocks given all clear to resume trading in London February 3, 2021 Shares in Swiss companies will once again be traded on UK exchanges after Switzerland’s financial regulator gave the move the all-clear this morning. Since June 2019, a spat between the EU and Switzerland has meant that the bloc’s exchanges have been banned from Swiss shares. But with the UK no longer a member of the [...]
Analysis: How worrying is the GameStop-Reddit mania? February 2, 2021 The second half of last week was a fascinating news cycle for financial newshounds and traders alike, as headlines were very much dominated by one story: GameStop. Global equities fell back 3.5 to 4 per cent last week, leaving them down slightly year-to-date, even though they did recover some of these losses yesterday. GameStop – [...]