Bitcoin heads for $52,000 as crypto surge continues

GGood Morning. UK consumer price inflation is expected to be released at 7 a.m. Economists expect the measure to remain stable as the VAT cuts keep prices low.

The FTSE 100 is set to open a bit higher after falling slightly yesterday after a largely flat session.

5 things to start your day

1) Sunak said he should boost it by £ 190 billion like Biden: Economists hope the boosting growth will ultimately help fund the huge surge in government bonds during the pandemic.

2) Watchdog weighs on Woodford’s Jersey plan: The FCA has teamed up with the Jersey counterpart fearing that Neil Woodford’s registration in Jersey would avoid adequate oversight.

3) Pressure on Sunak grows as Scotland extends business rate relief: Scotland has extended its vacation at business rates for another year, putting pressure on Rishi Sunak to follow budget before next month.

4) Ex-City Brothers Charged with Insider Trading: The pair reportedly made a profit of approximately £ 142,000 from trading six stocks including ARM Holdings and Punch Taverns.

5) Bernard Arnault helps Europe jump aboard the Spac train: In the past year, the number of Spacs listed in Europe pales in comparison to those in the US. How big can the European space market get?

What happened overnight

Equity markets hit a new record high in Asia on Wednesday, but their rally has lost some of its steam as a surge in US Treasury yields put pressure on both high corporate valuations and highly competitive commodity currencies.

Benchmark yields on ten-year government bonds hit a new one-year high for trading near prepandemic as vaccine progress and encouraging economic data drive an intense investor focus on an inflationary stimulus now widely expected.

The prospect of better risk-free returns stalled stocks and supported the US dollar. MSCI’s broadest index for stocks in the Asia-Pacific region outside of Japan rose 0.3%, a record, while Japan’s Nikkei fell 0.3 percentage points.

The FTSE futures rose 0.2 percentage points while the EuroSTOXX 50 futures traded just below the flat value and the S&P 500 futures traded just above the flat value. Ten-year government bond yields, which are up nearly 40 basis points this year, rose as much as 1.3330 percent before subsiding.

Comes today

Companies: Burford Capital (Trade declaration); British-American Tobacco, Plus500, Rio Tinto (Full year)

Economy: Consumer price index (UK); Retail Price Index (UK); Retail Sales (USA)

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