S&P: The commodity channel index is trying to turn down on yesterday’s harami (inside day) pair of candles, denoting indecision. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

More initial public offerings (IPO) cancelled From We Work to PropertyGuru

Last month US co-working firm called off its planned tens of billions estimated flotation on a US stock exchange as conditions weren’t favourable. Yesterday its biggest investor, Japanese funder SoftBank announced it would pay $5 billion to control 80 per cent of the firm and pay its founder off. Today in Australia Reuters reports that Southeast Asia online realty company PropertyGuru, currently owned by private equity, was cancelling its IPO due to market uncertainty. This follows last week’s A$1 billion IPO of another firm owned by KKR, lender Latitude.

The European Commission in Brussels yesterday told France and Italy to review proposed budgets presented for 2020, the latter because it doesn’t ‘comply with the debt reduction benchmark’, while the former could breach rules on public debts. Belgium, Portugal and Spain have been asked to flesh out incomplete budget plans, while Finland was warned over its spending.

Financial Markets and Political Commentary
 

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