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 – [...]
City A.M. TV: Daily Market Snapshot February 2, 2021 With such a sharp rally in global equity markets over the past 36 hours, the debate continues to rage about whether this is a wave two relief rally in this pullback, or indeed whether wave one is still ongoing? This morning we look at the key technical support and resistance levels, as well as the [...]
Before the Bell: Silver as the star of the show February 2, 2021 Silver was the star of the show yesterday as it experienced a major rally as the cabal of Reddit-retail traders honed in on the metal to spark a short squeeze. The band of retailer traders that ratcheted up the price of Gamestop shares last week poured their funds into silver. Excitement was heating up over [...]
The likelihood of a bubble forming in financial markets February 1, 2021 Concerns are mounting as to whether financial markets may have entered bubble territory over the past few weeks. Some analysts are warning that instances of excessive behaviour have become apparent and more frequent. The usual key ingredients to form a bubble in financial markets include cheap credit or easy money and an enticing narrative, with [...]
GameStop: The herd mentality of retail players ruffles the feathers of the old guard February 1, 2021 From time to time, the financial markets are given a rude awakening by an obscure situation or event, which is exactly what we saw last week, says David Madden, market analyst at CMC Markets UK, this morning. “A swarm of retail investors, who were chatting with each other on Reddit, started snapping up GameStop shares. [...]
Reddit Rally: Robinhood unveiled as the Sheriff of Nottingham January 29, 2021 It wasn’t supposed to be this way, but the Reddit army discovered their favourite broker for taking from the rich, Robinhood, was secretly the Sheriff of Nottingham. That dominated business news overnight as the Sheriff and his band of merry online brokers put a stop to the peasants’ rebellion by restricting trading in GameStop and [...]