Before the Bell: Europe set for positive start as China data points to choppy recovery March 15, 2021 While US markets by and large have managed to retain their resilience, with new record highs for the Dow, S&P500 and Russell 2000 last week, the gains have been notably in sectors left behind by the huge tech rally that has help support most of the move higher in US equities over the last few [...]
G7 hits out at China for ‘fundamental erosion’ of Hong Kong democracy March 12, 2021 Foreign ministers representing the G7 group of countries have tonight expressed their “grave concern” over the Chinese government’s decision to “fundamentally erode” democracy in Hong Kong. In a statement issued by Dominic Raab, the foreign secretary, ministers said Chinese authorities were “determined to eliminate dissenting voices and opinions in Hong Kong”. Yesterday China’s parliament unanimously [...]
Chief executive of Jack Ma’s Ant Group steps down March 12, 2021 Simon Hu has reportedly resigned as chief executive of Ant Group after just over a year in the role. Hu resigned for personal reasons according to Bloomberg, and he will be replaced by Ant Group chairman Eric Jing with immediate effect. He joined Alibaba in 2005 before moving to Ant in 2018 as President and [...]
Bitcoin market cap back at $1 trillion ahead of possible US stimulus March 9, 2021 A daily look at the crypto markets as Bitcoin's market cap gets above $1 trillion again as it approaches a price of $55,000.
Before the Bell: Who does not love a $120bn auction? March 9, 2021 Starting today, tomorrow and Thursday, the US Treasury will hold a total of $120bn auctions of government bonds in the 3-year, 10-year, and 30-year tenors. All eyes will be on the bid-to-cover ratios after a recent 7-year auction saw that ratio slump. If markets’ appetite for US government debt at these levels disappoints, Jeffrey Halley, [...]
Gap ‘mulling’ sale of China business March 8, 2021 Clothing firm Gap is reportedly mulling the sale of its Chinese business as one of a number of options for overhauling its operations in the world’s second largest economy. Sources told Bloomberg that the retailer was working with an adviser over and had made overtures to several potential suitors over the sale. Having entered the [...]
Greensill files for administration putting thousands of steel jobs at risk March 8, 2021 Greensill Capital has this afternoon filed for administration, potentially putting at risk thousands of jobs in the UK steel industry. Lawyers for the boutique bank, which is one of the main sources of funding for steel magnate Sanjeev Gupta’s business empire, appeared before a UK court today, the FT reported. According to court documents, Greensill [...]
Ethereum wakes up as Chinese institution hops on the crypto bus March 8, 2021 Ethereum wakes up as Chinese institution hops on the crypto bus while markets react to Joe Biden’s $1.9 trillion Covid-19 relief package.
City A.M. TV – Daily Market Snapshot (video) March 8, 2021 Rising bond yields and weakness in tech growth stocks has continued to hold back the advance of the global equity market in recent weeks. On Friday the US market managed a turnaround in the cash trading session, rallying sharply intraday to close notably higher (e.g. Philly SOX +3.1 per cent, S&P500 +1.9 per cent). In [...]
The Week Ahead: ITV, Rolls Royce, Morrison, ECB and UK GDP data March 8, 2021 It’s Monday morning. City A.M. looks ahead at what this week has in store. China Trade for February This morning – The Chinese economy finished 2020 on a strong note, its surplus hitting a record high in December. Exports rose by 18.1 per cent, slightly down from November’s 21.1 per cent but still better than expected, [...]