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Coupang (CPNG) shares closed at $49.52 each on their first day of trading, well below their opening trade but still above their IPO price, in the largest initial public offering in the US this year. Dubbed the Amazon (AMZN) of South Korea, shares of the e-commerce giant opened at $63.50 after pricing its IPO at $35 a share, raising $4.6 billion. About 10 minutes after the opening trade, the stock was trading at around $59 a share. The IPO surpassed that of dating app Bumble (BMBL), which Source link

Bloomberg China Producer Prices Jump, Adding to Global Inflation Risks (Bloomberg) — China’s producer prices rose at the fastest pace in more than two years in February, joining more expensive oil, computer chip shortages and soaring shipping costs as tailwinds for global inflation pressures.The Chinese producer price index rose 1.7% from a year earlier, official data showed Wednesday, stronger than economists’ forecasts for a 1.5% increase and up from 0.3% in January. Consumer prices… Source link

The Daily Beast Republican Retirements Are the Price Mitch McConnell Is Paying for Selling Out His Party to Donald Trump Drew Angerer/GettyIt was already a hard year for Mitch McConnell, having a public late-life crisis after being returned to minority status, and seeing his wife, the former transportation secretary, scrutinized for using their official positions to help a shipping company her family owns. Then Roy Blunt went and became the fifth GOP senator to retire.Blunt cited his 23 years… Source link

(Bloomberg) — Grayscale Investments is making a bet that the approval of a U.S. cryptocurrency ETF is not too far off in the future. The digital-asset management firm has posted at least nine ETF-related positions to LinkedIn, signaling it is anticipating a green light from the Securities and Exchange Commission for a crypto ETF — a goal that has eluded U.S. funds for years. “The race to launch the first Bitcoin ETF is heating up,” said Todd Rosenbluth, director of ETF research for CFRA… Source link

TipRanks Raymond James: These 3 Stocks Are Poised to Surge by at Least 50% In a recent note on the state of the stock markets, Raymond James equity strategist Tavis McCourt points out a series of policy factors that are playing a role in the current market volatility; the situation is more complex, perhaps, than most of us have been willing to admit. McCourt notes permutations of the SLR rule, political dynamics on the Senate Banking Committee, and the regulatory atmosphere towards potential… Source link

When the coming $1.9 trillion relief package becomes law, Americans will be eagerly awaiting their $1,400 checks. But White House officials have made it clear this week they are just as focused on another provision in the massive bill which – they hope – may prove to be a more durable expansion of the government’s social safety net. The child tax credit is set to more than double, with families starting to get checks in July. It is “a way of getting at that basic benefit for every… Source link

Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe Thursday, March 11, 2021 Inflation might be coming. The data says: not yet. In financial markets there are few things you can count on. But one thing we know will surely come up sooner rather than later are widespread concerns about inflation. The commodities cycle, the Treasury yield curve, growth forecasts, and easy comps all suggest that higher consumer prices are coming down the pike this year…. Source link

Famed auction house Christie’s wasn’t exactly sure what kind of demand it was going to see when it announced a $100 starting price for its first-ever digital art auction by way of a non-fungible token, or NFT, in February. Three weeks later, it had an answer worth $69 million. A bidding war exploded Thursday to close at a final price of $69.35 million on a collage of work, dubbed “Everydays: The First 5000 Days,” from rising digital artist Beeple (also known as Mike Winkelmann.) As Christie’s… Source link

The Guardian The Bears are in a perfect position to end Russell Wilson’s Seahawks career The quarterback believes the team he has been a part of for his entire career is holding him back. If he wants out, now is the time to strike Russell Wilson has been to two Super Bowls with the Seahawks. Photograph: Elaine Thompson/AP Russell Wilson is the latest franchise star to put himself forward for this offseason’s game of quarterback musical chairs. Wilson, his agent has been at pains to point… Source link

When I wrote up my recommendations for Wednesday, I made note of the fact it was a very Western-focused group of games in terms of teams, and especially home teams. Well, Thursday is kind of the opposite of that. Calgary is at home against Montreal, but otherwise nobody west of Dallas is in action (It can be easy to forget that Winnipeg is basically just north of Minnesota). It’s a big day for the East Coast, but also for the NHL in general, as 10 games are on the slate. Time for some… Source link