- FTSE threatens to drop through 7,000
- EasyJet shares hit by fundraising plans
- SEC threatens to sue Coinbase
Markets: Yesterday for a third straight session it was a case of the dollar up, gold lower again. Stocks were weaker again and are lower this morning, with the FTSE 100 trading close to the 7,000 mark. US futures weaker after the Nasdaq led the decline yesterday. Trading in Evergrande bonds was halted after drop of more than 30 per cent overnight. Nat gas continues to roof with prices north of $4.9, levels not seen since 2014. In Europe and the UK prices are already at records. Bitcoin steadier around the $46k mark so it’s make or break time – bear flag formed.
EasyJet shares tumbled 10 per cent after announcing a £1.2bn rights issue and disclosing that it had turned down an unsolicited takeover offer. The fact that a leading and – going into the pandemic - well-capitalised airline is, some 18 months or so on from the start of the crisis, still needing to raise fresh capital is a sign of the ongoing trouble in the sector. Demand remains the central problem: in Q4 2021 EasyJet expects to be flying 57 per cent of 2019 capacity, and up to 60 per cent in Q1 2022. Shares in Morrisons (MRW) were steady after interim results showed more good progress, however it’s all about the takeover bids.