LCG Capital Markets Limited (additional trade name “FlowBroker”) is wholly owned by FlowBank SA, a Swiss Regulated entity until June 13, 2024. On that date, the Swiss Financial Market Supervisory Authority (FINMA) opened bankruptcy proceedings against FlowBank SA. FINMA appointed Walder Wyss SA, succursale de Genève, 14 rue du Rhône, P.O Box, 1211 Geneva 3 as bankruptcy liquidators (the Liquidators). The place of jurisdiction for the bankruptcy is FlowBank SA head office in Geneva. This has effectively stopped FlowBank SA operations.
LCG Capital Markets Limited maintains funds with accounts at FlowBank SA. Due to significant agreements between LCG Capital Markets Limited and FlowBank SA, the appointment of the Liquidators has currently made it impossible for LCG Capital Markets Limited to carry out its operations.
We draw reference to section 25 of our Terms and Conditions, which provides as follows:
FORCE MAJEURE EVENTS We may, in our reasonable opinion, determine that an emergency or an exceptional market condition exists which may prevent us from performing any or all of our obligations (a Force Majeure Event). Following the occurrence of a Force Majeure Event, we will inform BHS (ourselves) and take reasonable steps to inform you.
Force Majeure Events includes the following events: (i) any act, event or occurrence (including any strike, riot or civil commotion, industrial action, acts and regulations of any governmental or supra national bodies or authorities) that, in our reasonable opinion, prevents us from maintaining an orderly market in one or more of the indices/markets in respect of which we ordinarily accept transactions;
At the time of this writing, LCG Capital Markets Limited has engaged the Liquidators. We will update you as more information becomes available to us. For any additional inquiries, clients can continue to contact Customer Support at Email: customerservices.bhs@lcg.com.
We sincerely apologize for the inconvenience this has caused.
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MARKETS
The S&P 500 closed above 3,700 for the first time ever on Tuesday as Pfizer started to roll out its coronavirus vaccine in the U.K., lifting hope of the economy recovering in the near future. The Dow Jones gained 0.4% while the Nasdaq Composite climbed 0.5%. Dow Inc., Johnson & Johnson and 3M were among the best-performing Dow stocks, rising more than 1% each. Energy led the S&P 500 higher, popping more than 1.5%. Pfizer shares rose more than 3% and reached their highest level in more than a year. BioNTech, which developed the vaccine alongside Pfizer, saw its stock rise by 1.8%. The pan-European Stoxx 600 index closed up by 0.2%. Bonds and Gold were bid. Bitcoin was sold back below $19k.
U.S. worker productivity increased strongly in the third quarter. The pace of growth was likely overstated, however, as the sharp rebound in output from the Covid-19 pandemic recession has far outpaced employment gains. Nonfarm productivity, which measures hourly output per worker, increased at a 4.6% annualized rate last quarter, the Labor Department said.
WRAP
News
• Asia-Pacific markets trade higher as vaccine rollout in the U.K. fuels some optimism;
• DEFLATION AHEAD? China’s consumer prices drop for the first time since 2009;
• Bitcoin is down $1,000 to $18,150 this morning;
• COVID NEWS: Thousands of Britons receive world’s first approved coronavirus vaccine as the U.K. ordered enough vaccines for 20 million of its residents to start. In the U.S., the Food and Drug Administration (FDA) said the vaccine provides some protection after the first dose;
• Other Covid News: The FDA also said it found no safety concerns with the vaccine and says Pfizer/BioNTech vaccine works 10 days after first dose. AstraZeneca vaccine is only 62% effective; impact on elderly unclear as more data needed;
• Boris Johnson heads to Brussels on Wednesday for crunch BREXIT talks;
• CAN YOU BELIEVE IT? Snowflake (SNOW) Market Cap hits $73 billion, surpasses IBM, AMD. The stock now trades on 149x revenues! Is Snowflake the most expensive software stock EVER?
• Tesla to raise up to $5 billion in share offering, its second in three months;
• Revolut, Europe’s $5.5 billion digital bank, quietly broke even in November;
• JPMorgan Chase CEO Jamie Dimon said that low-yielding Treasurys are a poor investment right now;
• Tech giants could face fines of up to 10% of global revenues under new UK competition rules.
What Else?
• U.S ELECTIONS: Supreme Court rebuffs attempt to block Biden’s Pennsylvania win. Republican challenges to Donald Trump’s election loss hit dead end with high court’s decision;
• Shell executives quit amid discord over green push. Several clean energy leaders leave company with only weeks before strategy announcement;
• IPO!!! DoorDash (DASH), an American on-demand prepared food delivery service founded by Stanford students, is going public this week. Yesterday evening they hiked IPO price AGAIN to $102 per share;
• Former Nikola CEO Milton Sold $55 Million In Stock, Bought Three Properties;
• SOME HEDGE FUNDSNEWS >>> BlueCrest to return $170m to former investors after SEC settlement. US regulator says UK investment firm misled clients and prioritised managing founders’ money.
Earnings Update
• GameStop revenue missed in Q3 on Video Game delays, lower store; shares slumped 10% after market.
Day Ahead
• Earnings: Adobe Inc (ADBE), Campbell Soup Co (CPB);
• Macro: U.K. Manufacturing Production, U.K. Monthly GDP Estimate, U.K. Trade Balance, European Central Bank (ECB) Policy Statement and Interest Rate Decision, U.S. Core CPI.
Quote of the day
“Light travels faster than sound. This is why some people appear bright until you hear them speak.” – Alan Dunde