CME launches micro bitcoin futures; Deliveroo is the worst IPO ever in UK; US markets close higher with positive jobs data;
CME launches micro bitcoin futures
CME announced that they will be launching a new bitcoin futures contract in May. The new micro future will be referring one tenth of a bitcoin. The micro bitcoin future will also refer to the same reference rate as the regular bitcoin future.
CME states that the reason for introducing the new micro bitcoin future is to make it more affordable for the traders. Bitcoin futures traded currently at CME refer to a valuation of 5 bitcoins per contract. The launch will be on 3rd May, 2021, provided that the regulatory approval is received.
Deliveroo is the worst IPO ever in UK
Deliveroo’s IPO was the biggest IPO in the UK since 2011 and the worst ever. Deliveroo (ROO.L) was priced at a market capitalisation of 8.8 billion GBP. The lowest price expectation of the share was predicted to be 3.90 GBP. In 2011, Glencore IPO debuted at a market capitalisation of 59.2 billion GBP.
On the first day of trading, Deliveroo traded down to 2.71 GBP, over 30% down from the price target. The day closed with the share trading at 2.87 GBP. By the end of the week, Deliveroo was down to
Similar to Deliveroo, Glencore also suffered a nosedive after the IPO. At the end of the first month, the share was down 3%, but continuously went down. However no stock in UK has suffered the fate of Deliveroo which wiped out 30% of the valuation on the day of the IPO itself.
Source: https://edition.cnn.com/2021/04/02/investing/london-deliveroo-ipo/index.html
US markets close higher with positive jobs data
US markets closed higher on Good Friday with positive jobs data. Jobs data showed that 916,000 jobs were added in March 2021 and that the unemployment rate fell to 6% from 6.2%. The futures on Dow Jones were up 0.5% from the previous day, S&P 500 futures were up by 0.4% and the NASDAQ futures were up by 0.2%.
