Here’s what you need to know before markets open.
1. Global stocks slide as France, Spain, and the UK record thousands of new COVID-19 cases. European bank shares tumbled following reports that they moved large sums of suspicious transactions over a period of nearly twenty years.
2. TikTok owner ByteDance is reportedly eyeing a $60 billion valuation for TikTok Global. Oracle and Walmart will take 12.5% and 7.5% positions in TikTok Global and pay a combined $12 billion if the asking price is met.
3. European bank shares tumble after leaked files unveil suspicious money flows worth over $2 trillion. FinCEN files claimed JPMorgan, Barclays Standard Chartered Deutsche Bank, and BNY Mellon had the highest reported amount of activity.
4. Jack Ma’s Ant Group raises its funding target to $35 billion, likely making it the largest IPO ever. When Ant goes public, it will likely earn a massive valuation that puts it ahead of Saudi Aramco’s record-shattering $25.6 billion IPO late last year.
5. Nikola founder Trevor Milton resigns following fraud allegations. Stephen Girsky will become chairman.
6. An ex-Wall Street chief strategist says the market’s comeback has made most investors ‘blissfully unaware’ of its real risks – and lays out 6 reasons why another free-fall is on the cards. Stocks feel like they are on the brink of another major sell-off, says Peter Cecchini, the former chief market strategist at Cantor Fitzgerald.
7. Goldman Sachs says buy these 21 stocks on track for years of market-beating growth that could make them future giants – even rivals to the FAANGs. Big Tech won’t dominate the stock market forever (probably), and Goldman Sachs says these high-growth companies could one day replace them.
8. A ‘disturbing new all-time low’ in the market just flew under the radar as stocks hit record highs – and one Wall Street expert warns it implies years of bleak returns for young investors. A popular investing strategy that’s struggling lately is putting young stock-market investors in a bind, says The Leuthold Group’s Doug Ramsey.
9. Global stocks are down. In Europe, Germany’s DAX fell 3.3%, Britain’s FTSE 100 fell 3% and the Euro Stoxx 50 fell 2.9%. In Asia, China’s Shanghai Composite fell 0.6%, Hong Kong’s Hang Seng fell 2.2%, and Japan’s Nikkei was about flat at the close. In the US, futures on the Dow Jones Industrial Average, the S&P 500, and the US Tech 100 fell between 1.3% and 1.8%.
10. On the data docket. The US 6-month and 3-month bill auctions, and Federal Reserve’s Lael Brainard’s speech are due today.
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