Overnight headlines
The 10-year US Treasury yield increased 10 basis points to 3.59 percent.
Tesla’s stock fell after it was revealed that it would reduce Model Y production at its Shanghai plant by more than 20% from November’s levels in December.
According to Bloomberg, one of the most reputable SPAC industry sponsors, Alec Gores, will not be merging his Gores Holdings VIII with the materials science startup firm Footprint.
Retail traders and Cathie Wood’s Ark Investment Management took a hit when Concord Acquisition Corp, whose chairman is former Barclays CEO Bob Diamond, ended its partnership with a stablecoin issuer.
As the mania for transactions using special-purpose acquisition businesses goes bust, the two cancellations, which occurred less than an hour apart, are a reminder that industry titans and financial heavyweights with prospective mergers aren’t safe.
As the market turns against speculative industries, particularly the SPAC market, more than 55 purchases have been abandoned this year. Just a few of the more than 65 sponsors that ceased operations were those cancelled arrangements, sending a terrible message to the 470 teams that are still looking for sponsors.
Market movements
- On Wall Street: Dow -1.4% , S&P -1.8% Nasdaq fell 1.9%
- AUD -1.4% to 66.95 US cents
- Bitcoin -0.7% to $US16,962
- Stoxx 50 in Europe fell by 0.5% FTSE up 0.2% CAC down 0.7% DAX -0.6%
- Spot gold fell by 1.6% to US$1768.15/oz,
- Brent crude fell by 3% to US$83.02/barrel,
- iron ore rose by 2.1% to US$109.60/ton,
- the 10-year yield was US$3.59%. 3.36% for Australia 1.87% Germany
Today’s agenda
Local: current account for the third quarter and RBA policy decision
Overseas data: US trade balance in October; German factory orders in October
#FortunePrimeGlobal# #财盛国际# #forexmarket# #forextrading# #ForexCFDs#
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