Good morning! Here’s what you need to know in markets on Thursday.
1. Snapchat’s parent company, Snap Inc., raised $US3.4 billion (£2.7 billion) in the tech industry’s largest initial public offering in over two years. Snap sold 200 million shares at $US17 (£13.8) apiece, valuing the company at $US23.8 billion (£19.3 billion), according to a person familiar with the matter.
2. The Dow Jones Industrial Average blew through the 21,000 mark for the first time on Wednesday as stocks resumed their record-setting rally after a one-day breather. It took just 24 trading days (and 35 calendar days) for the index to reach this latest landmark interval from the prior one of 20,000, which it hit on January 25.
3. The Federal Reserve is setting the stage for a US interest-rate increase later this month, with the central bank’s leading voice on international economics saying the global economy seems to have turned a corner, clearing the way for a hike “soon.” “After being an important constraint in the past few years, the external environment currently appears more benign than it has been for some time, even though risks remain,” Fed Governor Lael Brainard said Wednesday in an address at Harvard University.
4. Asian shares rose on Thursday as investors were encouraged by President Donald Trump’s measured tone in his first speech to Congress and as growing bets on a US rate hike this month buoyed the dollar. Japan’s Nikkei closed up 0.93% while at the time of writing (6.25 a.m. GMT/1.25 a.m. ET) Hong Kong’s Hang Seng is up 0.33%. China’s Shanghai Composite is down 0.23% at the same time.
5. Construction data is coming. Markit will deliver its January PMI for the sector at 9.30 a.m. GMT (4.30 a.m. ET), giving an idea of growth. Economists are expecting no change on December’s modest growth rate.
6. Nearly 2,000 workers employed by Ford, Boots, and Walkers Crisps are facing redundancy after decisions made in the headquarters of big American multinationals. The Times reports that the cuts would hit hard two of Britain’s employment blackspots — the northeast of England and south Wales.
7. Uber competitor Lyft is pitching investors on a new funding round and hopes to net at least $US500 million (£407.1 million), according to a source familiar with the matter. The $US500 million fundraising would value the ride-hailing service between $US6 billion (£4.8 billion) and $US7 billion (£5.7 billion), the source said.
8. Yahoo, which disclosed two massive data breaches last year, said on Wednesday that about 32 million user accounts were accessed by intruders in the last two years using forged cookies. The company said some of the latest intrusions can be connected to the “same state-sponsored actor believed to be responsible for the 2014 breach”, in which at least 500 million accounts were affected.
9. The head of Goldman Sachs Asset Management (GSAM) in Europe says it is “too soon to tell” whether the division will have to move jobs out of the UK as a result of Brexit and played down reports that Goldman is secretly planning to relocate roles. Andrew Wilson, CEO of GSAM in Europe, the Middle East, and Africa, told Business Insider: “We’ll definitely ensure we’re able to continue to operate in Europe. Whether that means we’ll need some, none, a few people in Europe? It’s way too soon to tell.”
10. Swedish payment processing business Trustly is planning a big push into Britain in 2017, with its CEO saying it will be “an important market for us.” The news comes as Trustly announced a huge jump in transaction volumes in 2016, hitting €3.2 billion (£2.7 billion).