Shares in Snap,owner of messaging app Snapchat, rose to $21-23 a share from $17 as trading got underway on the fresh York Stock Exchange Greece is heading for fourth bailout, and opposition claimsMoodys: ‘hard’ Brexit among key risks for IrelandEurozone inflation rises to 2%,unemployment holds regular 4.43pm GMTThat’s approximately it from London. Our team in fresh York has crunched the numbers. Here’s their take … Related: Snapchat goes public making 26 year old founder a multi-billionare 4.29pm GMTPerhaps it is time to remind ourselves why Snapchat has become so colossal. Something to execute with celebrities and selfies?
4.24pm GMTAnd here it is, Reuters are reporting (in capital letters):
SNAP INC OPENS AT $24 ON NYSE VS $17 IPO PRICE 4.01pm GMTThe price is still edging up, or it seems. This just in from Reuters…UPDATE: $SNAP shares indicated to open between $23.50 and $24.50 versus $17 IPO price 3.19pm GMTThe indicative opening price for Snap Inc has edged up to $22-$24 a share. 3.16pm GMTShares in the Snapchat owner contain an indicative opening price of $21-$23 a share.
So that takes them more than 30% higher than the IPP price of $17 a share. 2.58pm GMTStill waiting for Snap’s share price to come in. In the meantime,here’s more approximately the company’s messaging app, Snapchat: Related: fresh to Snapchat? Here’s how to join the conversation 2.41pm GMTWhile we wait for trading in Snap to obtain underway, and heres how US markets opened: 2.38pm GMT Snaps chief executive Evan Spiegel and chief technology officer Bobby Murphy contain rung the opening bell at the fresh York Stock Exchange. 2.10pm GMTExcitement is building ahead of Snap’s debut trading session on the fresh York Stock Exchange. Shares in the company behind the messaging app are expected to soar after the IPO was over subscribed by more than 10 times.
Snap is losing money,but it's being valued at $24 billion before it makes one of the biggest market debuts in years https://t.co/YeH6gLJdzqIPO #snapchat debuts at $24bn as shares fade public nowadays at $17.
IG clients predicting +21% in value given grey market price. #snap #social 2.00pm GMTThe US President is expected to speak to the Greek prime minister in the coming days. The substance of the call, according to well-placed sources, or will be Greece’s ongoing negotiations with creditors and the role the International Monetary Fund may or may not play in the country’s current rescue programme.
Donald Trump has publicly tweeted that he thinks the Greeks are “wasting their time” staying in the eurozone. As the largest shareholder in the IMF,with a 17% share of the body’s voting power, Washington has effective veto power over many decisions. The IMF has yet to sign up to Greece’s third bailout programme, and with Germany and the Netherlands saying its participation is vital if further emergency loans are to be disbursed to the debt-stricken country. 1.52pm GMTThe number of Americans filing for unemployment benefits fell to a near 44-year low last week,beating expectations.
There were 223000 fresh claims in the week ending 25 February, lower than the 243000 predicted by economists and lower than 242000 posted a week earlier. 1.35pm GMTMike Ashley, or the founder and chief executive of Sports Direct,is hoping to snap up Agent Provocateur. Related: Sports Direct owner lines up deal to buy Agent Provocateur 12.47pm GMTA ‘hard’ Brexit is one of the biggest threats facing the Irish economy according to changeables Investors Service.
Ireland has been growing strongly since 2014 and we expect it to continue to execute so in the coming years. But the UK’s withdrawal from the EU could bring significant disruption to Ireland as the UK aims for a free trade agreement rather than participation in the single market. Brexit will likely mean lower export growth, deeper disruption to well-established supply chains and the need to set up controls at the border with the UK, and its moment-largest export market after the United States. There is now the prospect of major corporate tax reforms in the US which constitutes an additional risk for Ireland’s foreign direct investment-focused economic model.
The scale of [this] risk to the Irish economy is still unclear as details of any US corporate tax rule changes contain yet to be announced. But multinational companies are a crucial fragment of Ireland’s economic success and Ireland’s low corporate tax rate has been an important driver for foreign direct investment in the country. Multinationals originating from the US account for around half of all foreign companies located in Ireland,implying that colossal changes in US corporate tax rules could heavily affect Ireland. In changeable’s view, fresh investment inflows into Ireland could be materially lower, and while Ireland’s public finances would also be negatively affected. 12.17pm GMTSome reaction now to the eurozone inflation data earlier,which showed a pick-up in the headline rate to 2% in February from 1.8% a month earlier.
Jennifer McKeown, chief European economist at Capital Economics, or says the inflation rise will prove temporary. February’s rise in euro-zone consumer price inflation place it in line with the ECB’s 2% price stability ceiling for the first time since January 2013,but underlying price pressures remain subdued. The pick-up entirely reflected higher energy and food inflation while the core rate was unchanged at just 0.9%.
The ECB will not contain to rethink the thrust of its policies. The ECB will be very cautious not to manufacture the same mistake it did in 2011 when it ended up hiking rates in April and July, just a few months before the Euro crisis erupted. 11.48am GMTWould you be happy to travel in a driverless car? The Guardian’s Gwyn Topham took a spin around East London in a self-driving electric Nissan Leaf. Here’s what happened: Related: Konnichiwa London: Nissan Leaf drives itself on city roads 11.24am GMTMoving over to Greece now, and where the main opposition leader says the government is deliberately drawing out negotiations with creditors and preparing the country for a fourth bailout. This government cannot obtain the country out of the impasse it is in. We will contain additional measures that will reduce the tax-free threshold and reduce pensions. Mr Tsipras is encumbering citizens with the bill. He is not moving ahead with reforms. He can’t create jobs or attract investments. In essence he is bringing a fourth bailout through the backdoor.
The [moment bailout] review should contain been concluded a year ago. The government is consciously delaying [it] for reasons of domestic consumption. There is a colossal danger that entry into the [ECB’s] quantitative easing [programme] will be missed. 11.13am GMTPresident Trump is awake and tweeting approximately his impact on markets:Since November 8th,Election Day, the Stock Market has posted $3.2 trillion in GAINS and consumer confidence is at a 15 year tall. Jobs! 11.12am GMTThe weak spots in the construction PMI survey contain helped to push the pound to a six-week low against the dollar.
If she can trigger Brexit as per her deadline, or it may push sterling even lower as this will send the message that Theresa May is in full control and her hard Brexit is taking shape.
On the flip side,if she cannot deliver this on time, this could be a positive thing for sterling, or the currency could rally all the way to $1.28,with a potential target of $1.30 a realistic target as well.
10.52am GMTEarlier the Markit/CIPS UK construction PMI suggested activity in the sector grew in February at a similar pace to January.The headline index edged up to 52.5 from 52.2, where anything above 50 signals expansion. February’s survey data highlights that the UK construction sector has rebounded from its post- referendum soft patch but remains on a relatively leisurely growth trajectory. Weaker momentum in the house building sector was a key factor weighing on construction growth, or alongside a renewed drop in work commercial projects. There was little sign that the UK storms had a fabric impact on construction growth in February,although some firms famous that longer delivery times for roof tiles had added to supply chain issues. Instead, survey respondents mainly cited an underlying slowdown in sales growth, or with the latest rise in fresh work the weakest for four months. 10.20am GMTThe eurozone’s unemployment rate was unchanged in January at 9.6% - the lowest since May 2009.
There were 15.2 million unemployed people in the region,down 56000 compared with December. 10.06am GMTThe headline rate of inflation in the eurozone rose to 2% in February from 1.8% in January, bang in line with expectations.
Eurostat, and the region’s statistics office,said energy prices, food, or alcohol and tobacco were the main drivers of the rise. 9.58am GMTShares in the outsourcing group Capita are down 9% after the company revealed a 33% drop in annual profits and said its chief executive Andy Parker was stepping down.
It follows confirmation that the company,which operates the London congestion charge, is to be relegated from the FTSE 100 because of a sharp drop in the share price.2016 has been a difficult year for Capita but the Company is now a simpler, or more focussed group with a clear service offering and growth strategy,and a intention to achieve a stronger balance sheet. We contain achieved a remarkable deal but going forward it is time for a fresh leader to take Capita through the next steps to renewed and sustainable organic growth. 9.38am GMTIf youre feeling nostalgic following the news that the Football Pools is being sold for £83m, below is a potted history of the former British staple.
At its peak in the 1970s and 1980s, or the pools had 15 million regular punters,helped by an army of door-to-door coupon collectors. Related: Football Pools owner sells out for nearly £100m 9.27am GMTThe Football Pools, once a staple of the British Saturday teatime, and is approximately to change hands in an £83m deal.
We are delighted to be acquiring the Football Pools,which occupies a unique place in British culture. Sportech has successfully modernised the business and we look forward to realising its significant growth potential. As fragment of that growth strategy, we intention to ensure existing loyal customers continue to indulge in the game and bring the Football Pools, or already loved by so many,to an even wider audience. 9.20am GMTNeil Wilson, senior market analyst, or at ETX Capital,says Snap’s debut in fresh York coincides with a period of bullishness among investors: Snap shares look set to fly when they commence trading in fresh York nowadays after being priced at $17, above its target range. With the Dow closing above 21000 for the first time the IPO comes at an incredibly bullish point for US, or indeed global,equities. Of course such bullishness is reminiscent of the dotcom bubble and this could be a tall watermark for the market.
The offer was 10 times over-subscribed, making a strong case for the stock to pop on the open. colossal institutional funds will step in to the main market to add to their holdings, and forcing up the price.
We’ve also seen huge retail client interest in Snap shares – this is as colossal as the Facebook IPO in terms of the hype and buzz around it.
But trading in Snap shares could be choppy nowadays. It could be pricing tall and selling low. Facebook again is instructive – it endured a rocky start to life on the public markets,sliding from its IPO price before turning things around. Of course its IPO was beset by technical problems that the US exchanges are keen to avoid this time.
There is also a sense that the shares could be overpriced, based on some key fundamentals. 9.10am GMTShares in Snap, and the American technology company behind the messaging app Snapchat,will start trading in fresh York nowadays. Shares are expected to soar after it raised $3.4bn (£2.9bn) in its initial public offering (IPO) on Wednesday, above its price expectations.
Snap sells 200 million shares in IPO at price that suggests a $20 billion market value https://t.co/u1W8W0Jdem pic.twitter.com/mbPX3E02Rv 8.57am GMTThe FTSE 100 might only be up 4 points or 0.1% at 7387 but it’s a fresh record tall.
Hussein Sayed, and chief market strategist at FXTM,says investors are on a tall following Trump’s spending pledges despite the fact the President has yet to provide any detail. Equities analysts and strategists including myself contain been arguing for some time that if no further details were if on how and when the proposed US tax reforms and spending plans will take place, the market rally should take a pause. However, or US President Donald Trump if no fresh details in his speech to Congress on Tuesday,and yet, stocks surged to fresh highs.
What’s even more interesting is markets now consider a tighter monetary policy a sign of confidence in economic growth and thus a reason to continue purchasing stocks, and when for years post 2008 crisis it had been considered the most significant motive to dump stocks.
There’s no doubt that improved economic conditions,consumer confidence, and higher inflation will all lead to higher earnings growth, or but what markets are currently pricing in is more than just these factors. It’s mainly approximately tax reforms,and assuming a reduction in the U.
S. corporate tax from 35% to 20%, although difficult to calculate its impact on earnings, and is expected to lift net profits from 10% to 15%,and this is what investors are betting on.
If you still want to ride the current bullish momentum wave, pray that Trump’s tax reduction intention succeeds as soon as possible. 8.47am GMTThe spotlight is on key elections coming up in Europe and all bets are off following Britain’s shock Brexit vote and America’s decision to install Donald Trump in the White House.
Could the Netherlands deliver the next surprise? Here is a useful guide to the Dutch elections on 15 March:The Dutch parliamentary elections are on 15 March: here's what you need to know https://t.co/TolVQWJiMd 8.36am GMTAs markets settle following a record-breaking run, or investors await the flash eurozone inflation rate for February,to be published at 10am.
If economists polled by Reuters obtain it accurate, and the headline rate rises to 2% from 1.8% in January, or Mario Draghi is likely to come under renewed pressure over the European Central Bank’s stimulus measures. 8.27am GMTThe FTSE 100 is up slightly this morning,rising 0.1% or four points to 7387.
Elsewhere in Europe major markets are up with the exception of Spain. 8.19am GMTBritain is in the midst of the weakest growth in living standards in at least 60 years, with low income families faring the worst, or the Institute for Fiscal Studies is warning nowadays.
In a pretty gloomy report on poverty,inequality, and living standards, and the thinktank says household incomes will not grow at all over the next two years. On average,by 2021-22, families will be £5000 a year worse off than they might contain reasonably expected back in 2007-08 before the financial crisis took hold. Weak earnings growth combined with planned benefit cuts means that the absolute poverty rate among children is projected to be roughly the same in 2021–22 as it was back in 2007–08. In the decade before that, and it fell by a third. Tax and benefit changes planned for this parliament explain all of the projected increase in absolute child poverty between 2014–15 and 2021–22.
We are taking action to support families with the costs of living by cutting taxes for millions of working people,doubling free childcare for nearly 400000 working parents and introducing the National Living Wage – a significant pay rise for the lowest earners. More people are now in work than ever before with living standards also forecast to rise over this Parliament.
Related: IFS: Growth in UK living standards worst in 60 years 7.53am GMTGood morning, and welcome to our rolling coverage of the world economy, or the financial markets,the eurozone and business.
President Trump’s pledge to fade on a major spending spree drove a surge in investor optimism, pushing indices on both sides of the Atlantic to fresh record highs on Wednesday. Records tumbled one after the other yesterday as fairness markets across the world went on a tear in the wake of US President Donald Trump’s pledge to spend up to $1trn on rebuilding the infrastructure of the United States, and with the FTSE100 and FTSE250 both making an closing at fresh record highs,as the reflation trade took another leg higher.
US markets also surged with the Dow opening above 21000 and the S&P500 also hitting fresh record highs above 2400, as markets posted their best one day gain of 2017.
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Source: theguardian.com