Wall Street Today: Reddit seeks to hire advisors for IPO
Asia stocks eye steady start in run-up to payrolls
Asian stocks look set for a steady start Friday after cyclicals led Wall Street to a record and the dollar fell ahead of a U.S. jobs report that will shape views on the outlook for Federal Reserve monetary policy.
Asian stocks look set for a steady start Friday after cyclicals led Wall Street to a record and the dollar fell ahead of a U.S. jobs report that will shape views on the outlook for Federal Reserve monetary policy.
Futures for Japan and Australia rose, but retreated for Hong Kong. U.S. equity contracts fluctuated after energy and industrial shares helped the $S&P 500 Index(.SPX.US$ scale a new peak. The U.S. 10-year Treasury yield edged down and a gauge of the dollar hit a four-week low.
More than 1 billion Asians will join global middle class by 2030
The middle class -- households where per-capita spending is between $11 and $110 a day -- amounts to some 3.75 billion people this year, according to the . That cohort is projected to keep growing through 2030 with India and China, the most populous countries, adding about three-quarters of a billion members between them.
Asian countries already make up more than half of the world’s middle class, but they account for only 41% of that group’s consumer spending, according to the study. The share is set to exceed 50% by 2032.
Weaker demand for imports narrowed U.S. trade deficit in July
The U.S. trade deficit narrowed in July as consumers and businesses pulled back on purchases of imported goods amid rising Covid-19 cases. The trade gap in goods and services shrank 4.3% from the previous month to a seasonally adjusted $70.1 billion, the Commerce Department said Thursday.
The middle class -- households where per-capita spending is between $11 and $110 a day -- amounts to some 3.75 billion people this year, according to the . That cohort is projected to keep growing through 2030 with India and China, the most populous countries, adding about three-quarters of a billion members between them.
Asian countries already make up more than half of the world’s middle class, but they account for only 41% of that group’s consumer spending, according to the study. The share is set to exceed 50% by 2032.
Weaker demand for imports narrowed U.S. trade deficit in July
The U.S. trade deficit narrowed in July as consumers and businesses pulled back on purchases of imported goods amid rising Covid-19 cases. The trade gap in goods and services shrank 4.3% from the previous month to a seasonally adjusted $70.1 billion, the Commerce Department said Thursday.
Imports fell 0.2% in July from June to $282.9 billion as demand slowed for consumer goods including toys, sporting goods and cellphones.
Oil climbs with Ida's impact in focus while dollar retreats
Oil futures in New York closed near $70 a barrel for the first time in nearly a month, with investors wagering that the market can absorb additional supply from OPEC+ as the U.S. Gulf with Hurricane Ida’s impact.
Nearly 94% of Gulf of Mexico remains shut days after the storm left the area. Prices were also supported by a weaker dollar the day after ministers from OPEC and its allies quickly ratified an output increase in October that was in line with investor expectations. Meanwhile, U.S. Secretary of Energy Jennifer Granholm use of the Strategic Petroleum Reserve to conduct an exchange with an $Exxon Mobil(XOM.US$ refinery in Louisiana.
SPAC rout erases $75 billion in startup value
The blank-check boom has turned into a rout. More than six months after the SPAC craze crested, a broad selloff has wiped about $75 billion off the value of companies that came public through special-purpose acquisition companies, according to a Dow Jones Market Data analysis of figures from SPAC Research.
Oil futures in New York closed near $70 a barrel for the first time in nearly a month, with investors wagering that the market can absorb additional supply from OPEC+ as the U.S. Gulf with Hurricane Ida’s impact.
Nearly 94% of Gulf of Mexico remains shut days after the storm left the area. Prices were also supported by a weaker dollar the day after ministers from OPEC and its allies quickly ratified an output increase in October that was in line with investor expectations. Meanwhile, U.S. Secretary of Energy Jennifer Granholm use of the Strategic Petroleum Reserve to conduct an exchange with an $Exxon Mobil(XOM.US$ refinery in Louisiana.
SPAC rout erases $75 billion in startup value
The blank-check boom has turned into a rout. More than six months after the SPAC craze crested, a broad selloff has wiped about $75 billion off the value of companies that came public through special-purpose acquisition companies, according to a Dow Jones Market Data analysis of figures from SPAC Research.
A group of 137 SPACs that closed mergers by mid-February have lost 25% of their combined value. At one point last month, the pullback topped $100 billion. The analysis doesn’t include companies that hadn’t closed mergers as of mid-February or those that are no longer trading.
Reddit seeks to hire advisors for IPO, sources say
Reddit, the operator of online message boards that became the go-to destination for day traders chasing this year’s frenzy for so-called ‘meme’ stocks, is seeking to hire investment bankers and lawyers for an initial public offering in New York, two people familiar with the matter said on Thursday.
Reddit was valued at $10 billion in a private fundraising round last month. By the time the IPO takes place early next year, Reddit is hoping it will be valued at more than $15 billion, one of the sources said.
Singapore exchange to allow Spac listings
Singapore Exchange has become the first major bourse in Asia to allow blank cheque companies to list, even as the market attracts more intense scrutiny from global regulators. Special purpose acquisition companies (Spacs) will be able to apply to list on the SGX from Friday, the bourse said on Thursday.
Entities will require a minimum market capitalisation of S$150m (US$111m) — half of the SGX’s earlier proposed amount — while limits on shareholder redemption rights have been removed.
WhatsApp fined €225m for not telling users how it shared data with Facebook
WhatsApp has been fined €225m for breaking the by not telling its users how it was sharing their data with its parent company Facebook.
In one of the biggest fines relating to the General Data Protection Regulation (GDPR), the Irish data regulator applied a penalty more than four times the level it had initially proposed for the messaging service after coming under pressure from other European countries.
Source: Bloomberg, WSJ, CNBC, Financial Times
Reddit, the operator of online message boards that became the go-to destination for day traders chasing this year’s frenzy for so-called ‘meme’ stocks, is seeking to hire investment bankers and lawyers for an initial public offering in New York, two people familiar with the matter said on Thursday.
Reddit was valued at $10 billion in a private fundraising round last month. By the time the IPO takes place early next year, Reddit is hoping it will be valued at more than $15 billion, one of the sources said.
Singapore exchange to allow Spac listings
Singapore Exchange has become the first major bourse in Asia to allow blank cheque companies to list, even as the market attracts more intense scrutiny from global regulators. Special purpose acquisition companies (Spacs) will be able to apply to list on the SGX from Friday, the bourse said on Thursday.
Entities will require a minimum market capitalisation of S$150m (US$111m) — half of the SGX’s earlier proposed amount — while limits on shareholder redemption rights have been removed.
WhatsApp fined €225m for not telling users how it shared data with Facebook
WhatsApp has been fined €225m for breaking the by not telling its users how it was sharing their data with its parent company Facebook.
In one of the biggest fines relating to the General Data Protection Regulation (GDPR), the Irish data regulator applied a penalty more than four times the level it had initially proposed for the messaging service after coming under pressure from other European countries.
Source: Bloomberg, WSJ, CNBC, Financial Times
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