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Market Recap-No breakthrough between US-China, UBER goes Public

Friday, May 10, 2019 10:18 AM GMT

The highly anticipated 11th round of trade negotiations between Liu He and Bob Lighthizer has not resulted in a compromise. Negotiations will continue today, but the default scenario includes the USA imposing higher tariffs and expanding the range of Chinese products that are being taxed and China enacting counter measures.

In this gloomy environment UBER is going public at a $82.4bn valuation on fully diluted bases. The free shares that will be available for the public are roughly equal to 10% of its equity (180million shares priced at 45$).

No planed Central Bank announcement is scheduled for today. Yesterday, the Norges Bank (Norway) kept rates unchanged at 1.0% and clearly communicated that they will raise rates on the next meeting on June. The Turkish Central Bank (basic rate at 24%, inflation at 19.5%) intervened to save the steep depreciation of TRY, that was lately triggered by the announcement of re-elections for the city of Istanbul.

Today, the focus continues being the trade negotiations between Liu He and Bob Lighthizer, the UK’s GDP release, and the USA’s inflation release.




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