Good morning! Here’s what you need to know in markets on Friday.
1. Airbnb has closed a $US1 billion (£820 million) Series F funding round that values the home-rental startup at around $US31 billion (£25.5 billion), according to a Thursday SEC filing. The most recent round was oversubscribed, a source told Business Insider.
2. Dutch paints and coatings maker Akzo Nobel NV rejected a €21 billion (£18.2 billion) bid from larger US rival PPG Industries on Thursday, saying instead it wanted to “unlock value” by spinning off its chemicals business. Reuters reports that PPG’s unsolicited offer comes just days before an election where the vulnerability of the biggest Dutch companies to foreign takeover has been an issue.
3. US stocks staged a comeback in the final 90 minutes of trading on Thursday and averted a red close for what would have been the fourth straight day. The three days of losses this week were the longest stretch since the November election. The major indexes are still on pace for the worst week of 2017.
4. Asian stocks are mostly higher ahead of US jobs numbers. Japan’s Nikkei stock market closed up 1.48%, the Hong Kong Hang Seng is up 0.09% at the time of writing (6.20 a.m. GMT/1.20 a.m. ET), but China’s Shanghai Composite is down 0.11% at the same time.
5. US jobs data for February is coming. Data on non-farm payroll jobs, average earnings, and unemployment are due at 1.30 p.m. GMT (8.30 a.m. ET). Economists are expecting 190,000 new non-farm jobs to have been created.
6. UK industrial and manufacturing numbers are coming. National Statistics will release month-on-month and annual growth figures for industrial production and manufacturing in January at 9.30 a.m. GMT (4.30 a.m. ET) this morning. Monthly growth for both is expected to turn negative but economists think both sectors will register accelerating annual growth.
7. Harold Hamm, the billionaire shale oilman, said the US industry could “kill” the oil market if it embarks into another spending binge, a rare warning in a business focused on fast growth to compete with OPEC. Bloomberg reports that the statement, at an energy conference in Houston on Wednesday, comes as top shale companies announce large increases in spending for this year, and the US government says domestic oil output next year will surpass the record high set in 1970.
8. Fashion retailer Blue Inc has asked landlords and lenders to throw it a lifeline by reducing its rent bill and cutting its debts as part of a rescue package designed to continue its survival less than three years after it was due to float with a £600 million price-tag. The struggling men’s fashion company needs £3 million of extra capital to pay for more stock and to service its debt, which co-chief executives Hezi Yechiel and Miraj Khan have not been able to find, according to court documents seen by The Telegraph.
9. Britain’s supermarket chains could benefit from Brexit as squeezed consumers tend to eat more at home and less in restaurants, the boss of Sainsbury’s said on Wednesday. “A small squeeze isn’t necessarily a bad thing for a large grocery chain,” Sainsbury’s chief executive Mike Coupe told the Retail Week Live conference on Wednesday.
10. Tesco is to reimburse 140,000 present and former employees a combined £9.7 million after payroll errors meant staff were not paid the national minimum wage. Britain’s biggest supermarket chain has notified HM Revenue & Customs and Usdaw, the shopworkers’ union, about the problems, the Times reports.