U.S. Jobless Claims hit 14-month low
Data released from the Labor Department on Thursday. Showed that weekly jobless claims in the United States fell to a 14-month low.
The Initial claims for unemployment benefits dropped by 38,000 to 406,000 for the week which ended May 22nd.
Thursday’s number was the lowest since mid-March last year. During a time many in the U.S. claimed unemployment benefits due to a nationwide lockdown
When the pandemic first peaked, jobless claims were one of the major economic indicators in tracking the health of the U.S. economy.
Claims have now declined for the last 4-weeks.
British COVID-19 cases rise, sending FTSE 100 lower
Coronavirus infections in the United Kingdom were marginally higher today, resulting in the FTSE 100 closing in the red.
Data reported today showed that there were 3,542 cases in the last 24-hours, up from 3,180 the day before.
This rise comes as Boris Johnson’s former Chief Adviser publicly criticized the government’s handling of the outbreak. Causing tension amongst government officials.
Figures released today also showed that a total of 38.6 million brits have now received the first vaccine dose. With over 24 million having received both shots.
Despite this, the FTSE 100 closed 0.10% lower on Thursday.
Klarna value at $40 billion as SoftBank invests
One of Europe’s largest private technology companies today grew even larger. Reports show that SoftBank was set to be involved in its latest funding round.
Klarna, which is a “buy now, pay later” app. Allows shoppers to purchase goods, and have the option to pay in instalments, instead of full-price.
After recently raising close to $1 billion in March. The company was allegedly worth $31 billion before. However valuation has risen to $40 billion on its latest funding round.
Although details of the round have not been yet made available, many believe that the move comes as the company is gearing up to IPO.
If this move does go through, many believe Klarna will replace recent IPO company Deliveroo, as Europe’s largest technology company.
Quote of the day -There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer.”– Jack Schwager
Senior Market Analyst