Weekly news summary for April 9 to 15, 2021
Friday, April 9, 2021: China’s March PPI at its Highest since July 2018
China’s March producer prices rose to its fastest since July 2018 due to rising commodity costs, increasing concerns over growing inflation worldwide as the COVID-19 pandemic weakens.
Data from the National Bureau of Statistics (NBS) showed that the country’s producer price index (PPI) climbed 4.4% from the previous year after surging 1.7% in February, while the consumer price index (CPI) increased to 0.4% in March after a 0.2% decline in February.
Monday, April 12, 2021: Alibaba Shares Up as Biggest Regulatory Issue Ends
Alibaba Group Holding Ltd.’s shares edged higher after the Chinese online retailer stated that the $2.8 billion antitrust fine it received puts an end to its biggest regulatory problem.
The fine, given to Alibaba for its monopolistic actions toward merchants on its central marketplace, amounted to 4% of its annual revenue in China, lower than the 10% maximum permitted by law.
Tuesday, April 13, 2021: Grab to Go Public in Record-breaking SPAC Merger
Grab Holdings Inc. is eyeing a public listing through the largest deal ever made with a Special Purpose Acquisition Company (SPAC).
The southeast Asian ride-hailing group is set to merge with Altimeter Growth Corp. (AGC) at a $39.6-billion valuation, the biggest merger to date, receiving around $4.5 billion in cash, which includes $4 billion in private investment in public equity (PIPE) arrangement.
Wednesday, April 14, 2021: Coinbase Achieves $85.8B Valuation in Market Debut
Shares in Coinbase Global Inc. closed at $328.28 in its first trading session on the Nasdaq on Wednesday, taking the US cryptocurrency exchange’s initial market capitalization to $85.8 billion.
Coinbase’s shares started at $381 and immediately rose as high as $429.54, briefly pushing the company’s market value over $100 billion before hitting a low of about $310, which was still above the $250 reference price set on Tuesday.
Thursday, April 15, 2021: Dollar Posts Four-week Low on Fed’s Dovish Remarks
The dollar index fell to its lowest since Mar. 18 at 91.559 against six major currencies on Thursday, as US Treasury bond yields retreated from their March increases, with investors believing the Federal Reserve’s dovish interest rate statement.
The Russian ruble posted more than a 1% drop to 76.65 per dollar due to expectations that the US will announce new sanctions on Russia later in the day in response to the country’s alleged election interference and hacking activity.
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