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Johnson warns UK needs to prepare for no deal – 10th December

UK Prime Minister Boris Johnson warned that while talks were not stopping “There’s now the strong possibility we will have a solution that’s much more like an Australian relationship with the EU than a Canadian relationship with the EU”

Following Johnson’s comments, the GBP extended it’s decline but stayed within the day’s trading range ending down just under 1% against the USD at $1.3284

Stocks fall as Jobless Claims increase

For the first time this week, U.S. stocks failed to record new highs, as data released showed that Initial Jobless Claims were on the rise.

Data showed that claims for state unemployment benefits came in at 853,000 for the week ending December 5th. Which significantly increased from last week’s number of 716,000.

Many had expected the figures from the Labor Department to come in at 725,000, however the increase of those on the unemployment line contributed to a bleak day for indices.

As of writing the S&P 500 and Dow Jones were both marginally down.

EUR gains as ECB raise stimulus

As expected, the European Central Bank today opted to keep interest rates unchanged, however the real news came as the bank decided to increase its PEPP program by €500 billion.

The central bank initially launched the Pandemic Emergency Purchase Programme (PEPP) in the aftermath of the COVID-19 outbreak and the impact it had on many European economies.

EURUSD moved on the news, quoting an intraday high of 1.2158, which is close to a 2 year high.

In response to this the ECB stated that they will, “continue to monitor developments in the exchange rate with regard to their possible implications for the medium-term inflation outlook”.

AirBnB set for IPO

 AirBnb has suffered considerably due to the COVID-19 pandemic, which has caused many tourists and travellers to postpone their travel plans.

Irrespective of this, AirBnB this week have announced an IPO, and stated that it will be priced at $68 a share. 

This will mean that the total IPO proceeds will be roughly $3.7 billion, with the tech giant being valued at $47 billion.  However early pricing indications now have the stock changing hands at $157 per share which would be a massive increase in the company’s market cap to over $100 billion.

The company, founded in 2008, has grown substantially in recent years and many believe could be a strong performer post-pandemic. 

Source: Yahoo Finance

Quote of the day – “In investing, what is comfortable is rarely profitable.”

Robert Arnott

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