Liquidity driven narrative remains intact but Gold knows there is no V-shaped recovery
Stocks trade mixed in Asia following a positive overnight lead with the Nasdaq 100 hitting a fresh record high. This as US indices closed off the highs of session following a continued rise in COVID-19 cases with hospitalisations also continuing to pick up largely in Southern States. COVID-19 patients in Texas hospitals have risen 61% in one week, threatening the prospect of a swift snapback in activity if restrictions are reimposed once more.
Chinese dual-listings, Tesla’s ugly registrations, Trump’s infrastructure plan
JD.com has raised $3.8bn today and will start trading tomorrow on the Hong Kong Stock Exchange creating a dual-listing structure. This follow other Chinese companies as the threat of delisting in the US rises and that these companies can tap into higher demand from investors in Hong Kong than in the US. In today's equity note we also take a look at Tesla which may have seen its registrations in California drop by 37% in April and May.