Spreadex Market Update
Alibaba jumps on turnaround plan, stocks dip as yields rebound
Alibaba jumped 12% in NY trading, extending the gains in Hong Kong hours on news the company will and a turnaround plan that includes the pursuit of IPOs. Founder Jack Ma’s return to China suggests Beijing’s tech crackdown might be over.
More broadly, stocks closed lower on Tuesday, giving back gains from the past few days. Tech stocks turned from outperformers to underperformers, and the dollar gained as bond yields rose.
Key Factors for Today
- European markets are set for a positive open
- US futures point to higher open on Wall Street
- Asian markets mostly rise, Shanghai the laggard
- Alibaba announce 6-for-1 stock split
- Lyft gains 6% as CEO steps down, replaced by Amazon exec
Market movers
- FTSE 100 range-bound at 7500
- Nasdaq consolidating under 12,800 resistance
- Bitcoin back over $28,000
- WTI crude oil rises, retakes $73 pb
- GBP/JPY rises over 162.0 after double bottom at 158.5
Econ Calendar
- Switzerland ZEW Survey (9 am)
- BOE FPC Statement (10 am)
- SNB Quarterly Bulletin (2 pm)
- US Pending Home Sales (3 pm)
- EIA Crude Oil Stocks (3.30 pm)
Earnings
- China Construction Bank Corp
- PetroChina Co. Ltd
- Paychex Inc
- Next PLC
Alibaba lifts China tech names
Hopes for a new season of goodwill from the Chinese government towards tech companies has seen China tech stocks rally on Wednesday. Leading the gains is Alibaba which announced
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