April 14, 2021

Market and Financial News

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Coronavirus latest: Lululemon delivers rosy outlook but warns of risks from Covid-19 resurgence

2 min read

Brazil said it would replace the three heads of its armed forces a day after President Jair Bolsonaro revealed a major cabinet overhaul in the face of a deepening second wave of coronavirus. The decision on Tuesday to axe the chiefs of the army, navy and air force followed the surprise firing earlier of the defence minister.

Ireland has extended one of Europe’s tightest lockdowns by an extra week. The country was due to lift some of its three-month-old measures from April 5, including easing a 5km limit on movements and allowing phased reopening of construction. Instead, Micheál Martin, prime minister, announced that all rules would hold until April 12. 

The increase in US house prices in January accelerated at the fastest clip in 15 years amid record low interest rates and a desire for more space as the coronavirus pandemic has kept people at home. A key measure showed prices have risen 11.2 per cent in the 12 months to January, the swiftest pace since February 2006.

Dutch health authorities warned that the latest wave of coronavirus is worsening “in nearly all regions” after the Netherlands reported a 13 per cent jump in weekly infections. The national health institute registered 51,866 positive Covid-19 tests in the week to March 30, while 1,578 people were admitted to hospital.

A Deliveroo rider cycles past a woman carrying shopping bags in Manchester, England © Reuters

Deliveroo has set the final price for its initial public offering at £3.90 a share, the bottom of its initial range and valuing the food delivery company at £1.3bn less than the top end of its expectations. Deliveroo a week ago had hoped its valuation could reach as high as £8.9bn but the final price per share leaves its market capitalisation at £7.6bn.

Royal Mail plans to pay its first one-off final dividend since listing in 2013 after consumers stuck at home shifted their spending from physical stores to online. The postal company expects adjusted operating profit to hit about £700m in the year ending March 31, more than double of £325m a year ago. 

DNA sequencing technology start-up Oxford Nanopore has picked London for an initial public offering later this year, giving the UK market a boost ahead of a reform of listing rules to attract tech firms. Oxford Nanopore has benefited from a surge in demand during the pandemic for its services that spot and track virus mutations

The global shortage of electronics components is expected to last until next year, according to Young Liu, chairman of Apple supplier Foxconn. As long as there was no renewed disruption from the pandemic and no severe hit from component shortages, Foxconn could still achieve its gross margin target, Liu said.

2021-03-30 20:37:39

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