Shortly after the opening bell the US S&P 500 tore through the 2,700 barrier for the first time this morning. The S&P speed bump was powered by energy and consumer staples meanwhile Apple and Facebook, up +1.3% and +0.80% respectively, helped push the Nasdaq higher, hitting another intraday record.
The still-strong US sentiment was buoyed by better-than-expected US manufacturing activity last month. The US Institute for Supply Management claimed a reading of 59.7 for December compared to 58.2 in November.
All this helped a lacklustre dollar back on its feet: at 4pm London time sterling was still – just – over the 1.35 handle but more than -0.61% down at 1.3512. The euro suffered less, down -0.33% to 1.2018 against the greenback while the euro was up +0.3% against sterling at 0.8895.
The weaker pound gave FTSE 100 stocks a boost. Likewise, a frailer euro against the dollar gave European bourses some cheer with the German Dax up almost +1%. At close tonight the FTSE 100 ended with Scottish Mortgage Investment Trust up almost +7% while Next shares were up almost +6.7% at 4799p thanks to better Christmas sales (more of below). Mining shares generally dipped with Antofagasta down more than -2.5%.
- UK FTSE 100 7,671.11 +0.30%
- DAX 12,989.22 +0.92%
- CAC 40 5,332.97 +0.84%
- Dow 24,902.85 +0.31%
- S&P 500 2,707.03 +0.45%
- Nasdaq 7,052.23 +0.65%
- Nikkei 225 22,764.94 -0.08%
- Gold 1,317.00 +0.07%
- Oil WTI 61.25 +1.46%
Spotify public-ready but likely to avoid road-show pressure
This afternoon news seeped across the Atlantic that Spotify was preparing to list on the New York Stock Exchange. The music-streaming giant, according to sources such as Bloomberg, has now filed with US regulators.
“Spotify’s equity was valued at $8.5bn two years ago when it raised $526m,” reported Bloomberg. “The company would be one of the largest consumer technology providers to go public in recent years.”
It’s looking likely Spotify – it has more than 60m paying subscribers though it has yet to turn a profit – may opt for a direct listing skipping expensive underwriting charges and investor relations roadshows to drum up interest.