SPACs On their way to UK
When the Financial Conduct Authority (FCA) made substantial changes to its rulebook last year in order to attract a slice of the SPAC (special purpose acquisition company) action, many of them thought that it could be a game changer. There was enough support for the move from those looking to sink money into SPACs. It […]
After hawkish fed minutes, the Asian shares fall
Asian shares fell, extending a global slump after Federal Reserve meeting minutes pointed to a faster-than-expected rise in U.S. interest rates. This is due to concerns about persistent inflation. Worries over higher U.S. rates combined with growing concerns about the rapid spread of the Omicron coronavirus variant to weigh on riskier assets. Asian shares took […]
Record corporate tax haul drives down Irish budget deficit
Ireland ran a lower-than-expected 2021 budget deficit of around 4% of the economy. This is due to a surge in tax receipts, which includes another record contribution from the corporate sector. The ministry had forecast in October that it would finish the year with a deficit of 5.9% of modified gross national income. The most […]
Dollar edges up as jolt from Fed minutes wanes
The U.S. dollar edged up after a flurry of economic data. This includes weekly labor market numbers, in a more muted move a day after a spike higher. This is after following the release of minutes from the Federal Reserve’s meeting. The dollar sharply pared losses of as much as 0.44% after the minutes showed […]
Asian shares slip, US yields hit tech firms
Asian stocks slipped following a mixed Wall Street session as higher U.S. Treasury yields weighed on global tech firms. This pushed the dollar to a five-year high against Japan’s yen. U.S. yields rose as bond investors geared up for interest rate hikes from the Federal Reserve by mid-year to curb stubbornly high inflation. MSCI’s broadest […]
Despite UK economic slowdown, Sterling has raised against dollar
Sterling rose against the dollar and edged up on the euro. This is despite official data showing Britain’s economy grew more slowly than previously thought before the recent Omicron variant surge in COVID cases. Official data shows that the British gross domestic product grew by 1.1% in the third quarter between July and September. This […]
Norway wealth fund diverts from China’s Yunnan Baiyao over pangolins
Norway’s $1.4 trillion wealth fund has divested from Chinese pharmaceutical firm Yunnan Baiyao. They say that this decision was because the company uses and sells body parts from pangolins, which is an endangered species. The fund also said that it had put Marfrig Global Foods, under observation for possible exclusion from its investments for contributing […]
Getting balance right on UK euro clearing may take years
The European Union won’t suddenly pull up the drawbridge on Britain’s financial services sector. Reducing reliance on the City of London for euro clearing could take years, said a top European Commission official. The EU executive said that EU market participants could continue clearing euro denominated derivatives in London beyond June 2022. The extra period […]
After robust US retail sales data, Dollar is at 16 months high
The dollar rose to a 16-month high. This is after data showed U.S. consumers looked past rising prices. And they drove retail sales higher than expected last month. The euro slumped amid growth concerns and there is a surge in COVID-19 cases in Europe. U.S. retail sales rose 1.7% in October. This had topped consensus […]
Hedge fund third point buys stake
Hedge fund Third Point has built a large stake in Royal Dutch Shell. They called on the oil major to split into multiple companies. This is for increasing its performance. Billionaire investor Daniel Loeb’s New York-based firm, owns roughly $750 million in Shell. Shell’s market value is nearly $190 billion. Shell, faces mounting pressure from […]