Stock markets globally rose to record highs today. Bond yields decreased after the data revealed that US inflation was not growing too fast.
Yields on benchmark 10-year US Treasuries traded at 1.632%, hitting a three-week low.
Led by Hong Kong’s Hang Seng, most Asia-Pacific share indexes also soared.
The Japanese Nikkei bucked the trend and lost 0.4%. The increase in coronavirus cases raised doubts about the country’s economic recovery 100 days before the Tokyo Olympics.
At the same time, Johnson & Johnson’s statement that it would delay rolling out its coronavirus vaccine in Europe limited the gains. The US health agencies advised pausing its use as six women developed rare blood clots.
On Tuesday, European stocks hovered around their all-time highs. After inflation data in the United States suggested the Fed’s expansionary monetary policy stance will remain intact, they traded little changed.
The pan-European STOXX 600 index closed 0.1% higher. The German benchmark DAX rose after data that showed that China’s shipments grew at a robust pace in March. It was also boosted by the increase in imports which advanced to its highest level in four years.
Coinbase goes public
Coinbase, a platform where you can buy and sell virtual currencies such as bitcoin, ether, or ripple, will be launched on the stock exchange through a listing. It is expected to debut with a valuation of more than $100 billion. It will be worth about the same as General Electric, Goldman Sachs, or American Express by size.
Coinbase’s arrival on the market has further raised the cryptocurrency value. Bitcoin surpassed the $63,000 yesterday, reaching a new all-time high.
Ether has reached $2,220, a new all-time high, the second in a row.
This technology company had set itself the objective of listing on the stock market during the first quarter of 2021. Despite a couple of weeks delay, it will do so at the best time.
Coinbase was founded in June 2012 by Brian Armstrong and Fred Ehrsam. In October 2012, the company launched services to buy and sell bitcoin through bank transfers. In 2014, it partnered with companies such as Dell, Expedia, or Time to accept payments in bitcoins.
The platform has 6.1 million active users, up from 2.8 million in Quarter 4 of 2020. Meanwhile, verified users, those with Coinbase accounts, rose from 43 million at the end of December to 56 million at the end of this year’s first quarter.
Its latest results showed the company earned $1.8 billion in the first quarter of 2021. In total, this is more than the company’s profit for the whole of last year.
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