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Wall Street indices fall as markets await joe biden speach

Wall Street Stalls, Markets Await Biden Speech

Wall Street indices were down on Tuesday, as markets waited to hear more details on President Joe Biden’s economic plan.

The President is set to deliver a speech on Wednesday where he will outline several issues, including Infrastructure and the recently approved COVID-19 recovery bill.

It is also expected that Biden will discuss the possibility to increase fuel prices, whilst also addressing rumours of potential federal tax hikes.

This comes a few days from the last Non-farm Payrolls of the quarter, where it is expected that over 600k jobs will be added to the economy.

As of writing the S&P 500 was down 0.35%, with the Dow Jones trading 0.31% lower.

FTSE 100 up as UK begins easing lockdown

Britain began the second stage of re-opening its economy this week, with outdoor gatherings, and sports now permitted.

Whilst Europe braces itself for a third wave of infection, the UK has made gradual strides to normalcy, led by its vaccine rollout strategy.

Over 30 million people in the United Kingdom have now received the first jab of the vaccine, with an average of 800,000 doses being administered per day.

London’s FTSE 100 rose as restrictions have eased, with the index closed 0.53% higher today.

Many now wait to see the market reaction once non-essential businesses are allowed to reopen on April 12th.

Deliveroo set IPO valuation at $10 billion

It has been reported that food delivery giant Deliveroo will price its IPO less than initially expected, with a valuation of just over $10 billion.

The London based start-up will price its initial public offering at 390 pence per share, which would indicate an overall valuation of $10.46 billion.

The company which is 16% owned by Amazon will soon be listed on the FTSE 100 in London and will become the biggest listing on the index in the last 10 years.

Should this value hold, it will be the largest since Glencore’s IPO in 2011.

Quote of the day – “You will never find fulfilment trading the markets if you don’t learn to appreciate and be satisfied with what you already have.”

– Yvan Byeajee