FTSE 100 LIVE: Global stocks climb higher as investors shrug off damage from US protests

FTSE 100 LIVE: Global stocks climb higher as investors shrug off damage from US protests

Asia-Pacific trading on Tuesday saw Japan’s Topix jump 1.4 percent. Indices in Australia and Hong Kong also inched higher and China’s CSI 300 index of Shanghai- and Shenzhen-listed shares was little changed after the central bank said it wanted Rmb400bn ($56bn) to temporarily purchase small business loans from banks. Meanwhile, Wall Street saw the S&P 500 close 0.4 percent higher.

According to the FT, US stocks have prospered from a V-shaped recovery due to the pandemic.

Futures markets also tipped the S&P 500 to drop 0.4 percent when trading begins today.

Traders did not seem to be worried by US President Donald Trump warning he would send in the military to tackle the violent protests that have raged for seven days following the death of an unarmed black man George Floyd.

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6.14am update: Australia’s Zip leans ob US market with buy-now-pay-later peer

Zip Co Ltd said on Tuesday it will buy out buy-now-pay-later (BNPL) firm QuadPay in a stock deal valuing the New York-based company at $269 million, as the Australian firm looks to tap the fast-growing US-market where its rivals are thriving.

Zip will offer 119 million shares, or about 23percent of the company, to shareholders of QuadPay for the remaining 86% of the US firm it does not already own.

Larger rivals like Afterpay Ltd and Sweden’s Klarna have flourished in the United States, building on the BNPL sector’s growing popularity, especially with millennials, as it allows consumers to buy products in interest-free installments.

The news sent Zip shares soaring as much as 44% to A$5.40, their highest since October last year.

The firm also said it secured up to A$200 million ($135.70 million) from an affiliate of Susquehanna International Group through the issue of notes and warrants, highlighting growing investor interest in the space.

Published at Tue, 02 Jun 2020 04:31:00 +0000