Share rights issues
- Nikola/Hindenburg: gravitational spin
- Is GMO’s Montier right on ‘absurd’ US stocks?
- ‘Commerzbank has confirmed its top position in German equity research, sales and corporate access’
- Once again Kodak pivots, and the share price explodes
- Blockchain: it really is a tough sell
- Sterling has not become an emerging market currency
- Jeff Ubben/ESG: flip flop
- Is this the nuttiest risk factor of all time?
- The tech start-up that wants to “validate” the female orgasm
- It’s a great time for conspiracy theories to thrive
- Let’s call Trump out, but let’s get our facts straight too
- Today, in efficient markets
- We can’t blame all the indirect health damage on the lockdown
- Weirdly, blockchain can’t help combat coronavirus
- Leading ‘UK’ start-ups want a handout too
- China’s PMI print doesn’t mean much
- Let’s flatten the coronavirus confusion curve
- NMC Health: presented without comment
- When “commission-free trading” isn’t (really) free
- Michael Milken: financial innovator
More miners in trouble this morning, with Lonmin’s rights issue, BHP Billiton reviewing production targets and Nyrstar considering a complete exit. FT Opening Quote, with commentary by City Editor Jonathan Guthrie, is your early Square Mile briefing. You can sign up for the full newsletter here.
Bill Winters is taking a new broom to Standard Chartered, while Activision has a $5.9bn crush on King Digital. FT Opening Quote, with commentary by City Editor Jonathan Guthrie, is your early Square Mile briefing. You can sign up for the full newsletter here.
BP has big plans to balance its cashflows by 2017, but it needs crude prices to hold $60 a barrel and St James’s Place has reported a terribly polite 17 per cent rise in net fund inflows. FT City editor Jonathan Guthrie rounds up the morning’s main news and puts it into context. Sign up for the full Opening Quote email briefing
With one, throwaway line… right at the end of a four-paragraph research note… Many issues remain unanswered and the possibility of a rescue rights issue should not be ignored. That’s from HSBC’s David McCarthy. While we rather doubt that a cash call could be anywhere near to top of Tesco’s to-do list right now, just a whisper of those two words around the London market was enough to send shares in Tesco sharply lower once more (low of 200 at pixel time):
Easy to forget now that the crisis-spotters have moved on to EM from the eurozone… but we’re almost coming to the first anniversary of the Cypriot bank depositor bail-in. Of course, that time has sure flown by. The Bundesbank isn’t even shy about proposing wealth taxes in similar crises any more. But it’s also worth thinking about, given that recapitalisation (and thus, risk in different parts of a bank’s capital structure) is still very much a theme in European bank investing. Plus, though ordinary Cypriots are still angry about the implosion of the country’s two biggest banks, in that last year or so the country’s economy has probably contracted by less than the double-digit decline expect. Exchange controls and the deposit freeze at Bank of Cyprus have also been (very gradually) lifted over time. Which is why it’s interesting to look at a trade recently in a Cypriot bank which didn’t see investors get bailed in: Hellenic Bank.
L’Etat intervient de multiples manières: il organise la résistance économique lorsque que nous avons des défaillances d’entreprises; il remet de l’ordre dans le désordre… – Arnaud Montebourg, French minister for industry OK… Now how does the Peugeot share sale actually work?
Barclays has revealed a £12.8bn hole in its balance sheet as it announced a £5.8bn rights issue || China’s central bank has injected money into the financial system for the first time in nearly half a year || Euro-area economic confidence jumps to highest in 15 months || Japan’s industrial production rate fell the most since the March 2011 earthquake || US cities edge towards hiring again || Italian banks’ loan books being quietly reviewed || JPMorgan Chase was expected to announce a settlement with the USFERC || Deutsche’s net income fell 49 per cent || UBS buys back toxic fund from SNB || BP revealed poor second-quarter profits || Appetite for subordinated bank debt grows || Markets wrap || FTAV’s latest
Sam Walsh, the new Australian boss of Rio Tinto has probably never heard of Tony Pidgley, the chairman of upmarket UK housebuilder Berkeley Homes. Which is a pity because Pidgley, adopted from Barnardo’s at the age of four by travellers, could give him some tips on how to run a cyclical business and maximise returns to shareholders. (Something, of course, his predecessor conspicuously failed to do).