Risk off rally led by hopes of China reforms & lower rates
Macro & Overnight
Markets have snapped out of their recent bearish slump.
China led Asian markets higher with some capital market reforms.
Follow through from Nvidia’s strong showing last week and some higher job vacancy data (bad news is good news) combined to send nearly everything higher.
Leading the way was NASDAQ, but most prices firmed.
Oil prices rose on the back of lower inventory data.
The value of the £ also rose.
Even Bitcoin joined the party as a court ruling encouraged thoughts of a Bitocin spot ETF.
UK Company News
Ensilica, the maker of mixed-signal ASICs (Application Specific Integrated Circuits), announced that it had secured a contract worth €2.5m with a lead customer for its proprietary satellite broadband chip. EnSilica has the order for the first 50,000 chips.
Instem, the software provider to the life sciences industry, has received a recommended cash offer at 833p or a value of £203m (a 41% premium) from Archimed, an investment firm exclusively focused on healthcare industries, with more than €8 billion of assets under management.
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