Good morning! Here’s what you need to know in markets on Tuesday.
President Donald Trump signed a revised travel ban that will take effect on March 16. The new ban will temporarily halt entry to the United States for people from six majority-Muslim nations who are seeking new visas, allowing those with current visas to travel freely, according to a fact sheet obtained by The Associated Press.
Snap Inc. had its first down day in the stock market since going public on Thursday. Shares of the parent company of Snapchat fell 12% in trading on Monday to as low as $US23.79, below the opening price of $US24 a share. They were about 16% lower than their high after the initial public offering.
Financial software developer Misys is exploring an IPO in New York less than six months since abandoning plans to list in London. The Financial Times reports that the firm could be looking to list on the USA’s tech-focused Nasdaq index.
Japan’s Nikkei share average edged down on Tuesday, following Wall Street’s lead, with investors deterred by geopolitical tensions after the North Korean missile tests, while buying continued to fuel in into small cap stocks. The Nikkei fell 0.2% to 19,344.15.
South Korea’s government will consider filing a complaint to the World Trade Organisation against what they described as China’s trade retaliation after Seoul agreed to deploy a U.S. anti-missile system, the ruling party said on Tuesday. Beijing is widely believed in South Korea to be retaliating against some of its companies and cancelling performances by Korean artists after South Korea’s decision to deploy the Terminal High Altitude Area Defence (THAAD) system.
Volkswagen AG expects to broaden disciplinary action beyond the two dozen employees the carmaker has already suspended in a diesel emissions cheating scandal, Chairman Hans Dieter Poetsch said on Monday. “It is to be expected that there will yet be a whole string of (personnel) consequences,” Poetsch told reporters late on Monday on the eve of the Geneva auto show.
Greece’s economy performed much worse than forecast in the final quarter of 2016, according to the latest data from the country’s statistical service Elstat. GDP shrank 1.2% in Q4 of 2016 — marking the worst quarterly performance for the stricken southern European economy since the heart of its debt crisis in the summer of 2015.
Bitcoin debit card provider Wirex has raised £2.45 ($US3 million) to launch a contactless card that lets you spend the cryptocurrency. London-based Wirex has raised the money from Japanese financial services group SBI Holdings’s £215 million ($US265 million) fintech venture capital fund, one of the world’s largest.
Investors are still going nuts for Snapchat, even though it doesn’t seem Snap has a single “buy” rating from analysts. Bespoke Investing Group noted that Snap is the only “US stock with a $US20+ billion mkt cap that has ZERO buy recommendations.”
Shares in both Standard Life and Aberdeen Asset Management popped on Monday after news that the two companies have agreed to a merger worth around £11 billion ($US13.4 billion). By the end of the day’s trading, Aberdeen’s shares — which are listed on the FTSE 250 — were up 4.2%, while FTSE 100-listed Standard Life ended 5.7% higher.