FTSE 100 live: markets remain stable despite uncertainty over Evergrande’s debt repayment
the week that started with investors in a rotation in the Chinese real estate market ends on a flat note, amid uncertainty over whether debt-laden developer Evergrande has honored its last interest payment.
There has been no announcement from the company after the deadline expired yesterday.
The markets have followed the latest developments in the wake, particularly given a grace period of at least 30 days before a default can be declared.
FTSE ends amid Evergrande fears but remains up this week
The FTSE 100 closed down 26 points, or 0.4%, at 7051. The index is up about 159 points from Monday, despite nervousness in global markets all week over the financial position of the. Chinese real estate giant Evergrande.
Here are the main stories from the market this Friday:
• Evergrande, which has more than $ 300 billion in debt, missed a repayment deadline, rekindling fears that the company could default on its debts and trigger a domino effect for the Chinese economy. Bank of America analysts played down the problem this afternoon: “Evergrande is not Lehman Brothers. Chinese credit markets are not like the United States. And Chinese policy can turn in a hurry.
That’s all from us this week. Have a nice weekend and we’ll see you on Monday.
Bitcoin is picking up slightly
Bitcoin recovered from its session lows, rallying after a slump following news that the People’s Bank of China had declared the cryptocurrency illegal.
Bitcoin is currently down 3.8% to $ 42,434. It had gone down to 5%.
Constantine Tsavliris, researcher at Crypto Compare, says: “We saw a massive sell-off in May / June and a shift in mining out of China, followed by a rapid recovery in July / August. We will likely see a similar sell-off in the near term as the negative news pushes investors to take a conservative stance.
“However, in the longer term, given the current remoteness of mining from China and the strong market recovery we have seen in the previous months, we expect markets to recover. again.”
Cineworld shares hit two-month high as cinemas begin to see Bond surge
Cineworld has had an eventful year. But the world’s second-largest movie chain saw its shares hit a two-month high on Friday amid great anticipation and strong ticket sales for Daniel Craig’s latest outing as 007.
Tickets for James Bond: No Time to Die were released at midnight on September 13, and Vue executives said Standard sales “got off to a really promising start” within minutes.
The Hollywood Reporter reported that movie theater owners said the multiple-delayed film created “by far the greatest interest. [in tickets] seen from pre-pandemic levels ”.
UK Cinema Association chief executive Phil Clapp told The Standard that after the past 18 months, cinema operators’ anticipation for the long-delayed release of the latest installment – and its revenues – is “higher than ever. “.
Cineworld revealed a staggering $ 3 billion loss in 2020 in March, and its shares almost halved in the months that followed.
But on Friday, FTSE 250 saw its shares rise 8% at the start of trading, before falling nearly 5% to 71.5p – their highest since early July.
Hillary Clinton shares tips on being a successful female leader at London Tech Week
Appearing in person at the Capital County Hall during an AccelerateHER panel session at London Tech Week, the former US Secretary of State and presidential candidate said: It’s done with a smile instead of a sneer.
“And you will have to get up. “
The former First Lady, who has faced sexism and adversity throughout her career, spoke about her personal journey and shared advice alongside I. Stephanie Boyce, the first black president of The Law Society , McKinsey UK Managing Partner Virginia Simmons, and Microsoft UK CEO Clare Barclay.
Clinton concluded: “Never give up – if you want something, you have to prepare for it, and you often have to prepare more than someone else to be considered – and keep going, no matter what the obstacles. or setbacks. “
In its eighth year, London Tech Week is an annual celebration and networking event for the capital’s tech scene. Speakers and attendees include founders from some of the UK’s biggest tech companies, ministers and investors.
Shell sees “increased demand” at the pump
Shell said this afternoon it was seeing “increased demand” at some of its sites, resulting in “larger queues”.
A spokesperson said: “Today we are seeing increased demand for fuel at some of our stations, which in some cases can lead to longer queues. We adapt our delivery times to ensure sufficient supply to our customers. “
Stocks are up 0.4% in London, helped by rising oil prices rather than events on the forecourt.
Cryptocurrencies Tipped Over As China Declares Market ‘Illegal’
China’s central bank has said all forms of cryptocurrency transactions are illegal and should be banned in a Q&A posted on its website, Bloomberg reported. Offshore providers of crypto services to Chinese citizens are also breaking the law, the PBoC said.
The tongue signaled an intensification of China’s crackdown on cryptocurrencies and pushed prices down in the market. Bitcoin, the world’s largest crypto token, fell 5%.
Ethereum, the second largest token, fell 6.3% to $ 2,888. Cardano was down 2.4% to $ 2.15, Solana sank 6.9% to $ 134 and Litecoin lost 5.9% to $ 149. The broader market was down around 4%, according to data from CoinMarketCap.com.
Stocks heavily exposed to cryptocurrency suffered. Coinbase, the US cryptocurrency exchange, sank 3.6% in the pre-market in New York and crypto miner Argo Blockchain sank 10% in London.
James Butterfill, investment strategist at Coinshares, said the price movements were relatively modest compared to similar cases in the past.
“The market is getting more and more used to this Chinese rhetoric,” he told Standard.
A string of tortillas prepare a flotation plane
Casual dining chain Tortilla, which has 62 locations around the world, plans to hit the London junior market next month.
The company, which has 26 of its branches in the capital, is expected to be valued at around £ 70million.
Emma Woods, the former boss of Wagamama has been named non-executive president, and Laurence Keen, chief financial officer of the Hollywood Bowl, will be the non-executive director.
Read the full story here.
Oil stocks insensitive to gas station problems
Shares of BP and Shell rose today, despite a shortage of truck drivers forcing some gas stations to close.
BP rose 0.1% in London and Shell 0.3%. Both were boosted by oil prices near their 3-year highs.
BP has been forced to close a small number of gas stations after a shortage of truck drivers left the sites running out of fuel. The shortages have prompted crisis meetings within government and public calls for the British not to panic.
The gas station industry has played down the problems.
“Overall, most of the other companies seem to be functioning and opening their doors for business,” Gordon Balmer, executive director of the Petrol Retailers Association, told Standard.
In The Style out of fashion in the City because it warns against profits
Online womenswear retailer In The Style, known for its collections with celebrities such as Stacey Solomon, today warned of profits in the event of a supply chain disruption.
Shares of the AIM-listed company plunged more than 14%, or 28.26p to 167.74p despite a 45% jump in April-August sales from a year earlier.
It benefited from a higher demand for second-hand clothing as people returned to social events.
But In The Style is struggling with headaches. Read the full story here.
City broker Peel Hunt to launch £ 280million deal
Broker CITY Peel Hunt profited today from the pandemic boom in trading and trading in a float that values the company at £ 280million.
The small and mid-cap broker has raised £ 112million in a list that will turn many of its 250 employees into paper millionaires.
Managing director Steven Fine held a 7% stake ahead of the sale, which is now said to be valued at nearly £ 20million.
Staff and directors owned 70% of the business, but advisers insist most of them are hanging on to their equity.