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, [...]
Suitors circle Sanjeev Gupta’s GFG as Greensill nears collapse March 7, 2021 Sanjeev Gupta’s GFG Alliance is said to be on the brink of a potential fire sale as embattled finance firm Greensill, its main source of funding, nears collapse. Rivals are eyeing up key assets from GFG’s Liberty Steel arm amid expectations that Gupta could start selling off parts of his business in an attempt to [...]
Sports streaming firm DAZN taps former Disney executive Kevin Mayer as chair March 3, 2021 Sports streaming service DAZN has appointed former Disney executive Kevin Mayer as its new chairman. DAZN, which is backed by billionaire Len Blavatnik, said Mayer will lead the nascent streaming platform as it pursues an “aggressive” growth strategy. He replaces John Skipper, who is stepping down to focus on Meadowlark Media, a newly-launched content company [...]
Alibaba billionaire Jack Ma dethroned as China’s richest man March 2, 2021 Alibaba founder Jack Ma has been dethroned as China’s richest man after disappearing from the public eye late last year, according to multiple media reports in China. The billionaire and Ant Group founder lost the title after his empire was placed under heavy scrutiny by Chinese authorities following challenges to fintech regulators he made in [...]