What You Need To Know This Week — June 15th, 2019
What You Need To Know This Week
A weekly recap to keep you informed on the most important events this week impacting markets, business, tech and the global economy.
GERMANY SELLS 10-YEAR BUNDS YIELDING -0.24%
Germany sold Bunds at a yield of -0.24%, the lowest yield on record. Investors placed bids for 60% more than the €22bn of bonds that were issued. Buyers purchasing the debt at a negative yield are guaranteed to sustain a loss if the bonds are held to maturity.
ONLINE PET SUPPLY RETAILER CHEWY SOARS NEARLY 90% IN ITS IPO
The online pet supply retailer rallied as high as $41.00 per share in its stock market debut, after selling shares in the IPO at $22.00 and raising $1 billion of equity capital. The deal price was increased from an initial range of $19.00 — $21.00. Chewy, using the ticker CHWY, was valued at $14 billion once its shares started trading.
CHINA’S INDUSTRIAL OUTPUT GROWTH SLOWS TO 17-YEAR LOW
Industrial output growth in China unexpectedly slowed to 5.0%, a 17-year low, compared to analyst expectations of 5.5%. Shortly after the disappointing data was released, China’s central bank announced 300 billion yuan of stimulus to smaller domestic banks.
INVESTORS SEEK TO TAKE RETAILER HUDSON’S BAY CO. PRIVATE
A group of investors made an offer to take long-suffering retailer Hudson’s Bay Company private, offering shareholders $9.45 cash per share, representing a takeover premium of 48%. The investor group includes HBC executive Chairman Richard Baker, co-working company WeWork and Rhone Capital. The investor group already owns 57% of the company.
Recommended Articles, Podcasts, Books and Tweets
Listen to Heather Shemilt and Tom Leake of the Goldman Sachs Securities Division discuss alternative risk premia strategies, also known as long-short multi-factor investing, and the benefits they offer investors on Exchanges with Goldman Sachs.
Shares of Fiverr, the freelancer website, soared 90% in its initial public offeringon Thursday.
Activist investor Bill Ackman publicly opposed the United Technologies — Raytheon merger. Ackman stated that he “cannot comprehend the strategic logic behind such a transaction”.
A group of state attorney generals filed a legal challenge against the T-Mobile — Sprint merger. The Department of Justice continues its own review of the transaction.
The U.S claimed that Iran was responsible for sabotaging an oil tanker near the Strait of Hormuz.
Facebook is developing a cryptocurrency for payments called Libra and it will be backed by companies such as Visa, Mastercard, Paypal and Uber.
-The Accelerate Team
