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AirBnB IPO today

At its IPO price of $6 per share, Airbnb ABNB, is expected to raise at least $3.5 billion with an initial market capitalization topping $40 billion.

MARKETS
Stocks fell on Wednesday, retreating from the record highs set earlier in the day, as tech shares struggled and traders weighed the prospects of new fiscal stimulus. The Dow Jones closed 0.35% and the Nasdaq pulled back by 1.9%. Apple was among the worst-performing Dow components, falling more than 2%. The overall tech sector came under pressure after DoorDash made its public-market debut.

European markets closed higher as investors monitor Brexit talks; ST Micro fell 12% after the chipmaker said it’s postponing an annual sales target of $12 billion to 2023. Gold and Silver declined sharply as the dollar surged. Bitcoin was weaker but bounced off the $18k level.
The major averages gave back their initial gains after Senate Majority Leader Mitch McConnell told Politico that Republicans and Democrats were “still looking for a way forward” on additional fiscal aid. Those remarks came after Treasury Secretary Steven Mnuchin pitched Tuesday a $916 billion stimulus package to House Speaker Nancy Pelosi.

WRAP
News
• Asia-Pacific markets fell as investors keep an eye on Brexit talks, U.S. stimulus hopes;
• DoorDash shares open up 86% amid IPO frenzy: US meal delivery group begins public trading after raising $3.4bn;
• SoftBank Vision Fund turns $680 million DoorDash investment into $11.5 billion;
• U.S Fiscal update >>> The House passes a bill to extend government funding by one week and sends it to the Senate. The government will shut down on Saturday if Congress fails to pass a spending measure. Lawmakers aim to buy more time to reach a broad spending deal and a coronavirus relief package;
• U.S elections >>> 17 states tell Supreme Court they support Texas bid to reverse Biden win;
• Poland & Hungary accept German proposal on $2.2 Trillion EU stimulus;
• BREXIT: UK’s Boris Johnson sets out UK ‘red lines’ ahead of crunch EU meeting. Prime minister rejects ‘automatic’ trade sanctions over abiding by future rules as Merkel says chance of deal remains;
• COVID UPDATE >>> California Sees Record 30K+ New COVID Cases; Fauci Says US Won't Return To Normal Until Mid-2021 / People with history of significant allergic reactions shouldn’t have Pfizer vaccine, UK regulator warns / Covid vaccine from China’s Sinopharm is 86% effective, says UAE / FDA says Pfizer/BioNTech vaccine works 10 days after first dose / Sweden limits store hours and sports as Cases climb, but insists lockdowns "not possible";
• FTC and states sue Facebook, could force divestment from Instagram and WhatsApp;
• Exxon (XOM) surged after DE Shaw goes activist by pushing the company to cut spending and costs.

What Else?
• JP Morgan says gold will suffer long-term as institutional investors gain bitcoin exposure;
• Societe Generale expects an extension of the ECB″s bond-buying program until December 2021, with an extra 600 billion euros in total, alongside a new financing program for banks;
• Starbucks sees long-term adjusted earnings per share rising 10% to 12%;
• Blue Horizon Capital rolled out an ETF that covers the entire alternative energy economy: The Blue Horizon BNE ETF (BNE);
• Xavier Niel’s organic food Spac rallies in Paris debut; Blank-cheque company raises €300m in biggest French IPO this year.

Day Ahead
• Earnings: Broadcom Inc (AVGO), Ciena Corp (CIEN), Costco Wholesale Corp (COST), Fluor Corp (FLR), Lululemon Athletica Inc (LULU), Oracle Corp (ORCL), Tui AG;
• IPO: Airbnb;
• Macro: U.K. Manufacturing Production, U.K. Monthly GDP Estimate, U.K. Trade Balance, European Central Bank (ECB) Policy Statement and Interest Rate Decision, U.S. Core CPI.

Quote of the day
“I asked God for a bike, but I know God doesn’t work that way. So I stole a bike and asked for forgiveness.” – Emo Philips

 

14-12-2020

GBP jumps on Brexit talks extension
The British pound has jumped in early trading this week after the UK Prime Minister and EU Commission President agreed to extend Brexit talks beyond Sunday. MARKETSThe S&P 500 fell on Friday, wrapping up a losing week, as the outlook for additional fiscal… Read more

10-12-2020

AirBnB IPO today
At its IPO price of $6 per share, Airbnb ABNB, is expected to raise at least $3.5 billion with an initial market capitalization topping $40 billion. MARKETSStocks fell on Wednesday, retreating from the record highs set earlier in the day, as tech shares strugg… Read more

9-12-2020

S&P 500 closes over 3,700
MARKETSThe S&P 500 closed above 3,700 for the first time ever on Tuesday as Pfizer started to roll out its coronavirus vaccine in the U.K., lifting hope of the economy recovering in the near future. The Dow Jones gained 0.4% while the Nasdaq Composite clim… Read more

8-12-2020

Global stock market cap reaches $100 trillion for 1st time
The value of all the stocks in the world put together has reached a giant $100 trillion for the first time. MARKETSThe Dow fell 0.69% Monday, led by Intel and broad-based weakness in value stocks as rising Covid-19 restrictions offset optimism over an imminent… Read more

4-12-2020

Pfizer vaccine supply chain problems
MARKETS The S&P 500 fell slightly from record high. Major U.S stocks indices cut gains quickly in the final hour of trading after Dow Jones reported Pfizer now expects to ship half of the doses it had previously planned this year after finding raw material… Read more

2-12-2020

Dollar Purge Continues
The US dollar dropped to fresh two-and-a-half year lows on Tuesday, with EUR/USD rising above the widely-watched 1.20 handle. MARKETSNews• Stocks in Asia-Pacific were mixed in Wednesday morning trade after major indexes on Wall Street surged to record highs ov… Read more

1-12-2020

Bitcoin hits record high
The price of Bitcoin climbed 8.7% on Monday to reach a fresh record high of $19,857.03 - overtaking its previous peak made in 2017. MARKETSNews• Asia stocks rise as the Caixin/Markit manufacturing Purchasing Managers’ Index for November came in at 54.9 — its h… Read more

30-11-2020

OPEC meeting starts
Today OPEC+ begin a 2-day meeting to decide whether to begin producing an extra 2 million barrels per day of oil, or delay for another 3-6 months. MARKETSNews• Asia-Pacific markets are mixed this morning while S&P 500 futures are down half a per cent. Indi… Read more