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 [...]
Exclusive: Formula E champions DS Techeetah take gamble on stock market-linked £1m sponsorship deal with investment platform eToro March 2, 2021 Formula E champions DS Techeetah have struck a £1m sponsorship deal with social investment platform eToro that could see the team not receive a penny. Instead of receiving a flat fee, DS Techeetah will have the seven-figure sum placed in their eToro account for them to invest on the stock market. If their portfolio grows [...]
Markets are freshly vaccinated with the latest buy everything potion March 1, 2021 US FDA approval of the one-shot Johnson and Johnson Covid-19 vaccine over the weekend has seen the global recovery trade reappear with a vengeance, at least overnight across the APAC region. Equities, energy and commodities all jumped higher, as have the cyclical Commonwealth currencies. “Even precious metals have found some friends today, while Asian regional [...]
Kalifa review: Fintech industry welcomes ‘invaluable’ tech visa after Brexit February 26, 2021 Recommendations from the government-commissioned Kalifa review published today have been broadly welcomed by the fintech industry. The UK has been at the forefront of innovation in recent years – the sector is worth an estimated £11bn in revenue and represents 10 per cent of the global market. But the report, led by former Worldpay boss [...]
Will pressure on Chinese tech firms spark renewed interest in value stocks? February 26, 2021 The flotation of Ant Group in December last year was supposed to be a landmark event. The initial public offering (IPO) was set to raise $37 billion, valuing Ant at over $313 billion and making it the biggest IPO ever. It was due to list in Hong Kong and Shanghai, rather than having a US [...]
FTSE 100 tumbles as inflation concerns mount February 22, 2021 London’s FTSE 100 tumbled 0.68 per cent today by midday, as higher commodity prices sparked fears of a spike in inflation. The fall was led by declines in consumer staples and industrials stocks, as investors awaited Boris Johnson’s plan for a phased easing of business restrictions. The prime minister will plot a path out of [...]