My channel also press bell icon for future video notifications thanks good morning there’s plenty of good news on the vaccine rollout front as long as you don’t live in the eu, but the markets again are focused squarely on treasury yields, rates and inflation reflation last week’s, big Story, bonds and credit spreads is once again putting equities investors in a risk off mood. Alas, not everything is sinking bitcoin hit a new high this weekend in what’s, increasingly looking like a market with serious liquidity issues, even elon musk thinks it’s trillion. Dollar plus valuation seem s high translation. Buyer. Beware: in the world of tangible assets. Copper is surging. A further sign of economic recovery ahead let’s see what else is moving markets markets update asia. The major asia indexes are mixed in afternoon trading with the hang seng down. One one percent japan has ordered the grounding of 32 boeing 777 planes after an incident of engine failure on a united airlines jet this weekend that rained debris over a denver suburb shares in boeing were flat in pre market. This morning, lucid motors, a luxury ev maker, backed by the saudi arabia’s sovereign wealth fund, is heading to ipo via a planned spat merger. I dig into the spac phenomenon in today’s essay below europe. The european bursas were a blur of red with the stocks europe 600 down zero. Seven percent at the open before falling further shares in hsbc in london, were up zero.
Four percent in early going ahead of tomorrow’s annual results, in which the banking giant is expected to disclose its moving top ex to hong kong part of its pivot to asia. Copper prices in london this morning hit a near 10 year high another bullish sign for global usus futures point to a week: open that’s after investors snapped a two week winning streak on the nasdaq and s p. 500. Last week so far in february, the yield on 10 year treasury has climbed 29 points. The sudden steepening of the yield curve has been good news for bank stocks and bad news for tech stocks, which makes it bad news for the tech heavy sp. In short, it’s called the reflation trade on the calendar. This week we have full year results from berkshire hathaway today home depot tomorrow, lowe’s companies and nvidia both wednesday plus salesforce and airbnb thursday. Elsewhere gold is up trading near 1.800. Ounce the dollar is up. Crude is down with brent trading below 63 per barrel. Goldman sachs thinks oil will top 75. in the coming months at 11 a.m. Rome time bitcoin was down to 54 150 after hitting fresh all time highs over the weekend, asterisk asterisk asterisks back a mole. Yes, im shamelessly going back to the well to recycle that little headline when market observers talk about bubbles, they sometimes cite, as exhibit of the explosion in blank checks back ipos we’ve, seen over the past year. What the heck is a spac it’s, a special purpose acquisition company.
They are publicly listed companies, but otherwise have no operations, they’re, not making anything selling anything or earning anything they’re. Just a blank check. You might call a spac a host. They exist solely to find a mate, in this case a private company, one with actual operations that will reverse merge with the blank checks back and together will flower into a publicly listed stock were averaging roughly five new spac listings per day, a bull would say: that’s A sign of a healthy market, one in which vital capital is flowing freely from investors to startups a bear, would frown at the looser scrutiny associated with the typical spac ipo, see the saga of cloverhealth and gasp at the sheer volume of these space, which are far Outnumbering the traditional ipo last year there were 248 spac ipos. A four fold increase on 2019. This year were on place to see another four fold y o y increase, as this chart from bofa securities shows with so many spacs in the pipeline. It’S not easy to get investor attention for, say the 155th one to come out this year.