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.
Prognosticator
This communication is provided for information purposes only, and is not a solicitation or inducement to buy, sell, subscribe, or underwrite securities or units. Investors should seek advice from an Independent Financial Adviser or regulated stockbroker before making any investment decisions. Progressive Equity Research Ltd (“PERL”) does not make investment recommendations.
Opinions contained in this communication represent those of PERL and/or our affiliates at the time of publication and PERL does not undertake to provide updates to any opinions or views expressed. PERL does not hold any positions in the securities mentioned in this communication, however, PERL’s directors, officers, employees, contractors and affiliates may hold a position, and/or may perform services or solicit business from, any of the companies or related securities mentioned.
Any prices quoted in our research are as at the previous day’s close.