26 May

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Dow Snaps 3-Day Winning Streak as Energy Stocks Slip By Investing.com

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By Yasin Ebrahim Investing.com – The Dow snapped a three-day winning streak Tuesday as a slump in energy offset gains in leisure and travel stocks amid ongoing optimism on the progress of the economic reopening. The Dow Jones Industrial Average fell 0.24%, or 82 points, the S&P 500 fell 0.21%, and the Nasdaq Composite slipped 0.03%. Energy fell more than 1%, weighing on the broader market, paced by declines in Occidental Petroleum (NYSE:OXY), Baker Hughes (NYSE:BKR) and Exxon Mobil (NYSE:XOM). Still some on Wall Street remain bullish on economically-sensitive...

26 May

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UK’s Sunak to propose powers to block London stock listings on security grounds – FT By Reuters

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(Reuters) - UK Chancellor of the Exchequer Rishi Sunak is to set out plans for a tougher regime governing flotations on the London Stock Exchange, allowing listings of companies to be blocked on national security grounds as concerns mount about dirty money in British financial markets, the Financial Times reported on Tuesday. https://on.ft.com/34i692c Sunak will launch a consultation within the next fortnight setting out proposals, the report added, citing the Treasury. "The UK's reputation for clean, transparent markets makes it an attractive global financial centre. We are planning to bolster this by taking a targeted...

25 May

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ChipMOS Up After Handing Investors a Bright Outlook By Investing.com

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By Dhirendra Tripathi Investing – ChipMOS (NASDAQ:IMOS) shares rose more than 3% a day after providing a positive outlook at the 2021 Citi Regional Tech Conference. The company pointed out that tightness in the semiconductor supply chain, a phenomenon that began in 2020, will continue this year too. It said it was seeing strong demand at customer-end and will increase capacity to make DRAM and Flash memory chips. ChipMOS makes semiconductor assembly and testing services that eventually find a place in devices its clients make. The company is well placed to continue to benefit from...

25 May

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Russia fines Google, Facebook for failing to delete banned content By Reuters

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MOSCOW (Reuters) - A Russian court said on Tuesday it has fined U.S. technology giants Google and Facebook Inc (NASDAQ:FB) over a failure to delete content that Moscow deems illegal, the latest development in an escalating standoff between Russia and Big Tech. Russia has already placed a punitive slowdown on U.S. social network Twitter for not deleting banned content, part of a push by Moscow to rein in Western tech companies and beef up what it calls its internet "sovereignty." Facebook was fined 26 million roubles ($353,890) in total, on eight...

25 May

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Shake Shack Gains As Goldman, Wedbush Upgrade Citing Room For Growth By Investing.com

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By Dhirendra Tripathi Investing – Shake Shack (NYSE:SHAK) shares rose more than 7% Tuesday after landing upgrades from analysts at Goldman Sachs (NYSE:GS) and Wedbush, citing long-term prospects for the company. Goldman Sachs has a target of $109 and Wedbush $118 on Shake Shack shares. This is 20% and 30% higher, respectively, than the stock’s current level of $90. “The company’s small size and unique footprint drive a lag in the company’s recovery from COVID, making it one of the last re-opening plays in the space,” Goldman Sachs analysts led by Jared Garber wrote in...

25 May

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LME plans to replace LMEselect with HKEX Orion trading platform By Reuters

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By Tom Daly and Mai Nguyen (Reuters) -London Metal Exchange plans to replace its LMEselect trading system with its owner Hong Kong Exchanges and Clearing's Orion platform, CEO Matt Chamberlain said on Tuesday. LMEselect is an electronic member-to-member trading system. "We have already deployed our new multi-cast market data system LME Source, which is based on HKEX's highly successful Orion market data platform," Chamberlain said at an online metals seminar. This "has been very strongly welcomed by traders on our market who feel that it gives a lower latency and fairer approach to the distribution of...

25 May

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U.S. Consumer Confidence Falls as Job, Income Prospects Ebb By Bloomberg

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(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. U.S. consumer confidence fell slightly in May for the first time this year as Americans were less optimistic about future job and income prospects. The Conference Board’s index was little changed at 117.2, from a downwardly revised 117.5 reading in April, according to a Tuesday report. The median estimate in a Bloomberg survey of economists called for a reading of 118.8. While consumers’ outlook pulled back, the reading still hovered near pandemic-era highs. Rising prices and elevated unemployment levels may be curbing...

25 May

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BoE’s Tenreyro sees global interest rates staying low By Reuters

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LONDON (Reuters) - Bank of England policymaker Silvana Tenreyro said on Tuesday that she expected global financial conditions would continue to support growth, and that the U.S. Federal Reserve would not need to raise interest rates sharply. "I expect financial conditions to remain quite accommodative for a few years. The Fed is determined not to hike rates any time soon, and not to respond to temporary spikes in prices," Tenreyro said at a question and answer session hosted by the University of Oxford's Latin America Centre. "I wouldn't expect to see rates going high,...

25 May

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VW says Lamborghini is not for sale after reported $9.2 billion bid By Reuters

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(Reuters) -Volkswagen has received a 7.5 billion euro ($9.2 billion) offer for Lamborghini, British weekly magazine Autocar reported on Tuesday, though VW's Audi said the supercar brand was not for sale. The non-binding offer sets out terms for the purchase of Automobili Lamborghini by Switzerland's Quantum Group AG, which has formed a consortium with London-based investment firm Centricus Asset Management, Autocar reported. (https:// The report, citing offer documents, also said that the consortium would include job assurances for existing Lamborghini employees for up to five years and the creation of 850 new jobs. Quantum Group founding...

25 May

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S&P 500 in Narrow Range as Energy Slump Keeps Lid on Reopening-Led Gains By Investing.com

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By Yasin Ebrahim Investing.com – The S&P 500 lacked direction Tuesday as investors weighed weakness in energy against strength in leisure and travel stocks amid ongoing optimism on the progress of the economic reopening. The S&P 500 fell 0.05%, the Dow Jones Industrial Average was flat, and the Nasdaq Composite added 0.07%. Travel and leisure stocks continued to trend higher, with airlines and cruise companies in the ascendency on optimism the lifting of restrictions will spark demand. Airlines were boosted by several optimistic updates from carriers including Alaska and United Airlines that point to faster return...

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Dow Snaps 3-Day Winning Streak as Energy Stocks Slip By Investing.com

UK’s Sunak to propose powers to block London stock listings on security grounds – FT By Reuters

ChipMOS Up After Handing Investors a Bright Outlook By Investing.com

Russia fines Google, Facebook for failing to delete banned content By Reuters

Shake Shack Gains As Goldman, Wedbush Upgrade Citing Room For Growth By Investing.com

LME plans to replace LMEselect with HKEX Orion trading platform By Reuters

U.S. Consumer Confidence Falls as Job, Income Prospects Ebb By Bloomberg

BoE’s Tenreyro sees global interest rates staying low By Reuters

VW says Lamborghini is not for sale after reported $9.2 billion bid By Reuters

S&P 500 in Narrow Range as Energy Slump Keeps Lid on Reopening-Led Gains By Investing.com

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