Thursday's Headlines: Brexit Trade Deal Is On Its Way
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Lemonade (LMND) +12.9%
Calavo Growers (CVGW) +7.4%
IMAX (IMAX) +5.6%
Nordstrom (JWN) +5.3%
Evolent Health (EVH) +4.7%
Moving Down ⬇️
Shopify (SHOP) -6.2%
Zoom Communications (ZM) -6.1%
Cloudflare (NET) -5.4%
The Trade Desk (TTD) -4.9%
Square (SQ) -4.5%
Don’t forget the New York Stock Exchange will close today at 1 p.m. ET ahead of the full stock market holiday on Christmas Day. MyWallSt’s market headlines will resume on the 4th of January, 2021. Wishing all our readers a happy festive season and prosperous New Year.
1. Political news has dominated the headlines this Christmas Eve as the U.K. is set to announce a historic post-Brexit trade deal today, sending European stocks climbing. British bank shares led the gains as traders bet a deal would be agreed soon. After months of political wrangling, Britain and the EU are believed to have finally made progress on fishing rights and measures aimed at preventing unfair competition. Across the pond, President Donald Trump has called the $900 billion Covid relief bill an unsuitable “disgrace” and demanded it be increased to $2,000 in a video posted on Twitter on Tuesday night. As Congress passed the legislation with veto-proof majorities, Trump is powerless to increase the direct payments. See the full story here.
2. It seems no one can escape antitrust allegations in 2020, and this time its Chinese-owned Alibaba (BABA) under the microscope. Shares of the tech giant fell 8% in Hong Kong and 3% in extended-hours in the U.S. as reports surfaced that the Chinese government is filing an anti-monopoly probe against the e-commerce company. The main issue involves Alibaba’s practice of forcing merchants to choose one of two platforms, rather than being able to work with both. On the same day, Ant Group, Alibaba’s affiliate, was summoned by authorities to discuss its “compliance” work. Ant, which operates Alipay's e-wallet, has agreed to take measures to curb debt risks after authorities abruptly called off its IPO last month. Read the full story here.
3. Google (GOOGL) is going to open a ‘cloud region’ by partnering with oil giant Aramco to access Saudi Arabia’s $10 billion cloud market. As COVID-19 has accelerated digital adoption across the Gulf, Google is going to provide its cloud services in Saudi Arabia via a joint venture with state-owned oil producer Saudi Aramco. The deal is said to deliver ‘high performance, low-latency’ cloud services to companies in Saudi Arabia. Google stated that its investment into Saudi Arabia will allow its businesses to grow within the kingdom and will help boost its cloud computing business, which brings in more than $10 billion in annual revenue for its parent company, Alphabet Inc. Check out the full story here.